I don't get what you ask.
Assign a vertex paint modifier, everything is in there.
You have to check the cube on the upper left of the vertexpaint window "vertex color display unshaded" to see it.
You can paint manually, or bake a lighting ("assign vertex colors" using scanline renderer only). The vertex color in max is multiplied, so you can't overbrighten the diffuse = painting white will show pure diffuse, and not brighten it.
A vertex paint modifier kinda works like a layer in photoshop, you can add several vertexpaint modifiers and set opacity, blending...as you need.
Why do you want to use vertex color to render your scene ? Vertex lighting is pretty used only for real time lighting at low cost.
for rendering it :
use a materil with self illu at 100.
In the diffuse, put a RGB multiply node. In the first slot, put your diffuse texture, in the second, put a vetex color node.
Last edited by Noors; 07-26-2011 at 03:57 AM..