Importing from Lightwave/.OBJ with textures in place?

Hi Blenders,
I would like to model and texture in Lightwave and then import either via .LWO/.LWS or .OBJ file so that when my model/s are imported into Blender all the textures are in place.
Can it be done? Or even via another file format?
Thanks,
-: D’eux :-