Just to interject here -
Both "Computer generated" and "Raytracing" (as they are used) are simple buzzwords.
And no console or hardware can perform true raytracing in real time (as of yet).
As an experiment!
Open up your 3dsmax (or whichever high end 3d app you have) - make a box, flip the normals. Put a sphere (as many segments as you like!) in the middle.
Next, stick a camera object in the box and switch to that view.
Add a light (omni light, whatever your app calls it), set it to cast shadows.
First, render with the shadows set to shadow mapping (which basically generates a texture and then plasters it across whatever surface it's supposed to be on) - notice, unless you up the resolution, you get jaggies.
Next, set the shadows to raytrace - and render.
Ooooo, that took forever, didn't it? That's because, raytracing, as the name implies, traces rays, and uses those to determine shadows/reflections (that's all ratracing is used for in 3d, pretty much).
Now, if it took over a minute (or indeed, over a second) to render a single frame, with less than a thousand poly, no textures and one light, isn't that a fair indication that your hardware (unless you happen to be running a nice dual xeon rig with a FireGL card, or Quadro) wouldn't be able to render this in real time?
That notwithstanding, it's very easy to 'spoof' reflections and sharp shadows without resorting to raytrace.
And on a slightly different note, anyone remember ReBoot?