Polycount reports of a cool plugin for Max4.2 users who need some Max5 UVW unwrapping goodness..
"UnRapper4 is a freeware clone Max5's UVW Unwrap tool - except it runs in Max4.2 and above. The functionality is identical, but the menus and icons are a "little" different. If you are stuck using Max 4.2 or you would like new uvw unwrap functionality in Max4.2, please "try my product." I am giving this plugin away free because I am confident you will come back to me for all your UV Editing needs. Be sure to check out the html doc before you start. Send me some feedback & feature requests!"
Click here to get Unrapper4.