This tutorial will teach you how to do advanced raytracing techniques, which will allow for some very effective reflection and refraction effects. Almost all of this will take place in the material editor, so go ahead and load up MAX and open up the material editor.

It's pretty straightfoward, although I'm assuming you're familiar with the MAX interface.

The tutorial is a Microsoft Word file, so you'll need to 1) have Microsoft Word installed on your computer and 2) download the file to your desktop to view it.

EDIT: I forgot to mention in the tutorial that if you add a bump map like waves, noise, or checker to your Raytrace material, you can get some awesome looking refractions. Awhile back I used a "swirl" map as a bump map on one of my materials and applied it to a flat plane, so it ended up looking like a really cool whirlpool.