I imported a light wave model but it wouldn’t show the textures. All it shows is a solid silver model. Same thing after I rendered it. My blender models show texture but www.blenderwars.com doesn’t have everything.
maybe you must manually reassign the textures. i don’t know, if the LW import preserves UV coordinates. if yes, you’re lucky, simply assign the image texture and press UV in the map input tab of the material settings.
if not, you might end up with a little more work 
marin