My trunk has the clear coat peeling and it looks like snow. Could I just sand the clear coat off and spray a can of clear coat on it?

I don't think there is a process (chemical stripping, sanding, etc.) that will remove the clear coat without damaging the underlying base coat. Once you start sanding you will probably have to repaint the trunk. Depending on how faded the rest of your car is, and to some extent what color your car is, the difficulty will be in matching the color of the trunk to the rest of the car.