Sethpit,
Basically what you ask for is a common morphing technique used for facial expressions.
Here it goes. Since I don't know what you know of Softimage, I'll detail the technique from the start.
Make copies of your shape-animated object (wich I will further call the Object), and identify them clearly.
I suggest that you add a number to their name. The Object being 0, the first copy being 1, and so on.
If those are b-spline or nurbs, reduce resolution to 1/1
It is to those copies that you apply the transformations.
For every object (including the Object and copies), create a sphere (the actual sliders).
Like the objects, add a number to the sphere. The sphere representing the Object is number 0, the sphere reprensenting the first copy is number 1, and so on.
Identify clearly those spheres. Their center must be at 0 on Y axis.
Select the Object
At frame 0, select in Motion > Shape > Select Key Shape
Click on the Object (it will blink once)
Go to frame 1, select Motion > Shape > Select Key Shape
Click on the first copy
Go to frame to, select Motion > Shape > Select Key Shape
Click on the second copy,
And so on for every copy of the Object
Then, select Motion > Shape > Shape Interp > Weight Interp
With the Object selected, select Motion > Expression > Edit
In the Affected Elements case, the name of the Object appear, at the left of the dot.
Click on the right of the dot
Click on Fcurve
In the popup list, choose wshp_0, then click Ok
Put the cursor into the Expression case, then click Scn Element
Choose the first sphere (number 0), click Ok
A dot appears at the right of the sphere name. Put your cursor at the right of the dot.
Click Fcurve
Choose etrny (wich stands for explicit translation on Y axis), click Ok
Click Validate
Click Next
Click on the right of the dot (in Affected Element)
Click on Fcurve
In the popup list, choose wshp_1, then click Ok
Put the cursor into the Expression case, then click Scn Element
Choose the first sphere (number 1), click Ok
A dot appears at the right of the sphere name. Put your cursor at the right of the dot.
Click Fcurve
Choose etrny (wich stands for explicit translation on Y axis), click Ok
Click Validate
Click Next
Repeat this step for every copy of the object you have.
When you're finished, just get out of the Expression dialog box.
To make the changes appear on the Object, you'll have to animate with explicit translation your spheres on the Y axis.
When the sphere is at 0, the object it represent does not affect the Object. But the sphere is translated at 1, the object it represents affect at
100% the Object.
You can combine as many expressions you want. In that case, the higher (on Y axis) sphere will affect the Object at 100%, the others less.
Hope this helps
Bernard Lebel