sphere mapping ???

What is it and does Blender have it ?

blender allows you to use an image as a sphere reflection map

some other engines provide more features with these [such as it can be made useful as the reflection of a lake or pond], and some other engines allow sphere reflection maps which entirely surround an object [like a cube map]

the way blender has it, the texture coordinates are changed based on the normals relative to the viewer. It can be used to create shiny objects, but not bodies of water [because it doesn’t rotate around the screen]

the way you do this is you load a texture, then in the image window you press the reflection button. This button has moved to the image menu [in the image window]:
Image->realtime texture mapping->Reflection

Ok, I thought it was something else, like using a back ground image that will scroll depending on where the camera looks.