What Mark say is very tempting indeed, But if your belt are those like with teeth,,, then sorry,,, animate them using endomorphs... Here is how you can do that,,, firstly model the belt with teeth in a circle, then create your first morph, give say 90 rotation and so on for the rest, do one for the streched fitting view, and hope it works,,,,
The morphmixer will be able to use the circular rotations morph along with the stretched one. But you will have to look out for the normal errors and stuff.