This is very possible to do and sounds like a fun idea. When using flat 2D bins, you create the animation strictly in the textures. Think of it like those old diagram books where you flip the pages and each drawing is slightly different from the one before it and so it creates the illusion of motion. Same thing in our game. The number of 'diagrams' you need will vary depending on what you are animatinng. If a ferris wheel has four 'spokes' in the middle, crossed at ninety degrees, you might only need three or four textures since you don't have to create a full circle but only a quarter of it. I think the fastest and clearest way for you to get the idea, if you don't already have it, would just be to disassemble any of the models here. There are several good examples.
http://cownap.com/~mtmg/models/Custom/canimate.html
The concept is pretty basic and you should have no trouble picking up on it.
On the other hand, you can also create animations using models. This can give the smoothest effect in the game since it will morph between frames. Which method you use will depend what you're making. Obviously some models are more suited to 2D and others require a more 3D shape. All of them, however, will need a bit of binedit work.... which there is plenty of help and assistance around here when you need it.