Of course, you can simulate a relfection quite easily: make your reflective surface a flat plain and give it a good texture and apply the 'ghost object on' command to it. Then, physically mirror the layout of your scene on the other side of the reflective surface, including all scenery and objects.
This gives a good impression of reflection, but has several limitations. Basically, make sure you can't see behind the mirror and you should be fine.
Of course, if you've got DBPro, which I haven't, then I think you can use some kind of built-in hardware accelerated reflections.
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