Obviously, this is a trick sentence. It is contrived, and it doesn't really mean anything sensible. To "can" something means to put it in a can. For example, in the United States, the Del Monte company makes canned peas, so we could say "The Del Monte company cans peas." In order to make the sentence as sensible as possible, I'll add that "to can something" can mean to put it in the trash can--to throw it away. So, "I can can the can" could mean "I am able to put the can into the trashcan." "... but the can can not can me" could mean "... but the can is unable to put me into the trashcan."