Importing into blender question.....

Is it possible to import either a 3ds or lwo file into blender without loosing the textures and colours?



The short answer to your question is yes.

The long answer is that it depends on the exact contents of the file and the tool you choose to import the object with.

Check the sticky thread in the Python & Plugins forums for some scripts that may help you out. There have been several active discusions in that forum on importing stuff recently.