You might be able to render a 360 scene to EXRs, convert to HDRs if necessary, and use those for IBL (Image Based Lighting) in Lightwave.
There are some steps involved in this, and I don't think there's an automated way of doing this yet. We're going to make this sort of thing much easier in future.
Similar techniques have been used very successfully in TV commercials using Terragen 2 environments to fully light CG environments and objects in VRay.
Matt