Does the canning process kill even dangerous bacteria like those that cause botulism?

The canning process will kill all dangerous bacteria. However, if the can gets damaged, there is a risk of pathogens that cause botulism growing in the product. While extremely rare, a toxin produced by the spores of a dangerous bacteria can cause botulism. This toxin can form if the container is damaged. Throw out the can (or, if recently purchased, return it to the store for a refund) if it is leaking, bulging, badly dented. Also, check canned goods in a jar and discard those that are cracked or have bulging lids. Discard any canned food if it smells bad or spurts liquid when opened. Don’t taste any food you suspect of being contaminated. Even a tiny amount of botulinum toxin can be deadly.

Source: USDA Food Safety and Inspection Service
"Common Questions: Food Safety: Food Storage, Preparation & Handling"
http://www.fsis.usda.gov/help/faqs_hotline_preparation/index.asp