well it depends on what you assume as photo realistic and for far you want to simulate nature.
caustics, color bleeding, indirectly illumination (light bounces) are practically imposible with blender. but those can to an extend be faked.
search the internet for light rigs/arrays.
light dome: a sphere with lights attached simulation diffuse lighting.
AO: will help to simulate indirect illumination scene wide, can use the color of the world.
look for the new svn build with the sky/atmosphere option.
3 key light: very used but also not very realistic, however good to know.
area lights hemi light: play with area for soft shadows and hemi light for simulating indirect illumination to brighten up dark areas.
radiosity: you might also want to look into the old radiosity solver. it is kinda dusty but think depending on the scene can be very useful, specifically indoor.
depending on what you want to render also the material is 50% of the realism. the materials have to be as close to nature as possible to prevent to perfect looking surfaces.
if you look into car renderings lookout for the shadows, do you see details or are the shadows black? they should never be 100% black.
keep in mind that your eye is not a camera - it adjusts to light and darkness and can balance them out (exposure problems with cameras)
the book lighting and rendering 2nd edition a book about about texture generation/painting would be good to read.
look at many renderings to get inspirations AND take a camera and make pictures of real objects to have reference images.
DO NOT work from your memory, make it easy and take pictures and study them to know what you have too look for.
claas