It's called a cubemap. Anywhere you see reflections in game, is actually using a cubemap. We (Environment Artists) have to generate them. So essentially, we pick a point that is roughly covers the average space, run a script that spits out 6 images, one for each orthogonal direction. Then we assemble those into a cubemap, and project that onto objects as reflections. It's static, and clearly not as accurate as realtime raytraced reflections, but it's also vastly less performance intensive.
I have no idea what you just said. So, I shall smile and nod and pretend that I understand like everyone else does.