Hi, I wrote a very simple GLSL raytracer. Just spheres, ground and sky, with refraction and reflection. Not too much to explain, you can control de number of bounces, the IOR (index of refraction), the light direction and that's all!
I'm thinking about extending it to triangle meshes (I hate triangles...), global illumination and all the real good stuff, so... no more realtime :D And GLSL with my ATI is giving me some really stupid problems with arrays, so I'm not sure if GLSL is the way to go for a bigger project...
Anyway, hope you like it!