The easiest way is to create a point light and then, every sync, position it at the same coodinates as the glowing object. This should give the impession that your object is giving off light because it will illuminate surfaces nearby.
However, if you don't really want your object to be a light source, but instead something that just has an aura effect, then you'd use objects with the ghost command applied. Depending on the object in question, you'd either use fins, billboards or volumetric objects to provide the effect. All the these techniques basically require the use flat plains with gradient textures applied to them, angled in the right way as to seem 3D. The best example I can think of are the corona effects that you see in most modern FPS games - that effect is done with billboards.
Of course, you can always just remove an object's sensitivity to light. This is done with the set object command; poke around in the help files to see the exact syntax.
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