Rendering Parallax/Relief/Depth Mapping

Greetings, my fellow Blenderists.
My question is a rather simple one: Is it possible, within Blender, to apply Parallax, Relief and/or Depth (They mean more or less the same thing, i believe) Mapping to renders? I’ve seen some impressive examples built in the BGE, but i was wondering if it’s possible to render an image or animation sequence with this kind of depth shader in it. It’d be a great convenience if I could make a relief pattern which, seemingly, has a huge amount of detail and depth, without the drawbacks (like millions of polys) of rendering such a relief with actual geometry. And please, if possible, give me an answer that’s applyable in Blender 2.49b. The 2.5x versions of Blender are more or less impossible for me to use (due to their redesigned UI).