Was LightRave (or an actual Toaster card) required for later versions of LightWave, or did later versions become "stand alone" versions (as promised by NewTek in the article linked to above) that could run without actual Toaster hardware?
Maybe LightRave was only ever needed for version 3.0 of Lightwave?
As soon as LightRave came out, NewTek started selling LightWave as a standalone software product. They probably hated the idea of LightRave making money for per seat licenses to share one copy of LightWave more than they hated the idea of piracy.
From what I can tell LightRave was just a software patch and the dongle was just there to stop you pirating LightRave.