Aerosols fall into the same category as liquids and gels ... unless it's in a 3.4 ounce or smaller container, it can't go in your carry-on. You can pack any size aerosol/liquid/gel in your checked bags.
Just to add to this: yes, you can, as long as the flammable aerosol/liquid/gel is meant to be applied to human skin or ingested, and there actually are size limits on these products, including hair spray. The limit on individual cans is 17 fl. oz., and the total amount carried cannot exceed 70 fl. oz. (2 litres). http://www.faa.gov/about/office_org...media/MaterialsCarriedByPassengersAndCrew.pdf
There are some aerosols, including disinfectants and cleaning sprays such as Lysol, that are banned in checked baggage. If it is found it will be confiscated. (These were banned before 9/11, actually, to guard against accidental explosions. The hold of a plane is subject to very wide temperature fluctuations. If an aerosol can containing a flammable substance were to explode in flight and ignite the contents of the hold, the fire could bring down the plane.)
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