Ok,,, here is a post on my thoughts as far as lightwave... Ok,, there are far too many details to effectivly pull it off... So.. looking at the graphics.. I would create a cylinder... then UV Map it.. then use photoshop and then create maps... Clip Map. Color Map. No need bump or Spec.. Transparency Map... Hmm if necessary.
Then animate away.. But to get the most, you will need to do post processing.
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