There's a plethora of videos and posts out there on how to do this, but I need blog fodder, so here's some pics.
First you get some tin snips out to snip the metal band around the case, and forget to take a picture of it on. You have to hand it to the Ruskies, they sure know how to case ammo for long term storage. I think the 10 27-76-60 means it was made on June 27th, 1976. It's like a Soviet time capsule. (Nope. Apparently 60 is the factory ID. So my guess is October 27th, 1976.)
Grab the straps and pull.
The Spam Can of ammo. They love to put little bits of paper in the crate. No idea what they say.
Grab the can opener and start opening.
Now's a good time for a beer.
Grab another beer.
Almost done, get another beer.
Huzzah!! Open at last, have a celebratory beer. After that, pull the box with the strap tied to it.
More bits of paper.
Finally, we have some bullets. You should wait before shooting these, because you probably have buzz going on by now.
I hope to shoot these this weekend.
I hope to shoot these this weekend.

Last time I opened a spam can I was hit with this gawd-awful smell... but yeah, no question the stuff was well-sealed for long-term storage.
You know, you should use this rifle for a defensive long-gun class, just for kicks. :-)
Oh wait... better! Come winter (i.e. when it gets darker sooner), use this in a carbine night match... behold the mighty fireball!