Buildiing fake rocks is tough when you have to make them hollow to hide things underneath. Usually they end up real weak and thin and crack easily. Regardless, if you wanna try it the best way is to probably find a foam cooler large enough to cover the can. Coat the inside and out with sticky mesh drywall tape. use some spray foam and blast it all over the outside so it looks like a big booger.
Once dry take a filet knife or utility knife and a file and start hacking at the dry spray foam to give the blob a rock like shape. Go to a big box home store and snag some foundation insulation coating. The best stuff is the pre-mixed acrylic. It will adhere to foam, not eat it. Plus it stays flexible and wont crack like concrete. Coat your newly Macgyvered foam masterpiece inside and out. Several coats on the outer, one thin on inner.
Kind of a pain in the rear but it works and wont crack like concrete. Or just go the easy route and snag one of these fake rocks. Problem is they are kinda pricey and attractive and easy to steal. Also, here's more info and a video on making fake rocks here.
I almost think it would be easier to find a big log and lay it on its side and then hollow a space out large enough for the ammo can. Good luck!