Which tool should I use for drawing a 3 D bubble wrap ?

One way to model bubble wrap, if not for realtime use, would be to make a highly tesselated plane, and then create a heightmap for it with little raised spherical sections with some noticeable amount of deformation and noise in them.

In Max, a heightmap is known as a displacement map, and you can find the tool to apply one I think up on the modeling toolbar with all the graphical icons.