The short answer is "no".
I'd do the 3D object work for something like this in a 3D program.
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What Todd said... You can get basic 3D animation in PS, though. You just need to merge the 3D items into the same scene on the 3D panel. then you get your two cylinders in the same scene and can animate their transforms using PS' timeline and the 3D transform tools, then render it out to an image sequence. For anything more complicated, learning a proper 3D program surely doesn't hurt. Blender is free and there are tons of tutorials and forums for it, so look into that.
Thanks Todd and Mylenium. Sounds like a learning opportunity for me in PS. I didn't know you could combine multiple objects in the same scene. I will look into that. But yes, I do need to break down and learn some "real" 3D. I've managed to avoid it for 20 years. Maybe CS6 will just make this stuff for me. ;-) The whole Google 3D repository thing was looking promising back in CS3. I wonder why they did away with that? Thanks again guys.