Hi there i have been learning 3D max for the last 2 weeks and made this bottle nipple look like silicon best i could but am having real difficulty making a latex material any hints.
try using a translucent shader in the material properties or gummy[colour] to fake a latex material.
You should really be looking into how to use materials before trying to make what is really quite a complex material for 3ds max.
Your silicon is too glossy and too transparent it looks more like a glass nipple.
Find some tutorials on making materials and how to configure them etc, this will make it a lot easier for you as you will struggle if you haven't done some homework.
Any good sites on making materials, so far i have just been playing around with them to see what works. The materials built into 3D max 5 aren't very nice looking though i am still getting my head round all the parameters for getting my own ones.