  We present a study of M(atrix) theory from a purely canonical viewpoint. In
particular, we identify free particle asymptotic states of the model
corresponding to the supergraviton multiplet of eleven dimensional
supergravity. These states have a natural interpretation as excitations in the
flat directions of the matrix model potential. Furthermore, we provide the
split of the matrix model Hamiltonian into a free part describing the free
propagation of these particle states along with the interaction Hamiltonian
describing their interactions. Elementary quantum mechanical perturbation
theory then yields an effective potential for these particles as an expansion
in their inverse separation. Remarkably we find that the leading velocity
independent terms of the effective potential cancel in agreement with the fact
that there is no force between stationary D0 branes. The scheme we present
provides a framework in which one can perturbatively compute the M(atrix)
theory result for the eleven dimensional supergraviton S matrix.
