>> Basically it is this simple:
>>
>> 1. You shoot ray to scene and let it bounce randomly as it wants based on
>> material characteristics.
>> 2. Repeat many times.
>
> Right. So trace rays, let them bounce off diffuse surfaces at semi-random 
> angles, and gradually total up the results for all rays?

Yes.

> Presumably that won't work with point-lights though? (You'd never hit 
> any!)

Unless you start some rays from the point light to add into the mix (in a 
physically correct way of course).

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