Annosoft LLC, Texas has come up with a Lipsync solution with a s/w named Lipsync Tool,
which recognizes phonemes in an audio file.
I have written a maxscript,"Lipscript" to integrate the data generated by this s/w into 3ds Max.
Lipscript is used along with Lipsync Tool to generate keyframes for characters in Max.

Lipscript can be used to create Lipsync for :
#Morph based Facial Setups,
#Bone based Facial Setups,
#Setups using a combination of both, and also
#Facial rigs run by spinner based custom Attributes, sliders, etc.

Lipsync Tool is capable of recognizing 40 different phonemes. Using Lipscript, you can combine
these phonemes in any order to make different visemes, which then can be mapped to a facial setup
For example, you could either map "m", "b" and "p" to separate morph targets/sliders/bone Controls
or you could club all 3 together and map the ombined viseme. Same for all the 40 phonemes. Visit www.annosoft.com and request an "export/save" enabled trial version of Lipsync Tool