Bulged cans can indicate Botulism infection...definitely not something you want in your beer.
I have a bunch of those 6lb plastic jugs of LME from back when I was subscribed to Midwest's brew-of-the-month club, but didn't have enough time to brew. They're going on 2-3yrs old now. I brewed a porter last month with one of the 2yr old jugs that I'd kept refrigerated and it tastes a bit cidery, but is drinkable. I'm gonna use the rest exclusively for starters though, as I pressure-can those and can be sure of sterility and will be pouring off the beer from the yeast cake.
The yeast and hops are usually the most expensive part of the brew. IMO, it isn't worth it to make crappy beer. Just use it for starters.