“This tutorial has been written to serve Hyperfocal Design’s customers who are using their HDRI sky textures, but can be just as easily used for other HDRI environments. This tutorial attempts to cover every aspect of HDR rendering in Lightwave 8, but since radiosity and HDR support hasn’t changed much since 6.5, users of older versions should be fine. Provided that your HDRIs are of good quality, you should have a great end result for your background, lighting and reflections using HDRI after completing this tutorial.”
http://www.cgarena.com/freestuff/tutorials/misc/hdri_lightwave/index.html