Realtime lighting?

The best way I’ve seen to show indirect lighting (like emissions and everything) in the game engine is baking to the texture. But is there a way, so that if you move the object, the lighting is rendered in realtime?

You can fake indirect lighting using hemi (for scenes with a sun lamp) and spot lamps. koalaboy166 (http://www.youtube.com/user/koalaboy166) made some good tutorials on this:
http://www.youtube.com/watch?v=rDkguV7zNQU
http://www.youtube.com/watch?v=7wY5nzpU4RY