Not sure about lightwave, but there's two ways to go about this. A) You model the tail light geometry accurately and then have a diffused glass layer infront of each LED - each LED geometry should have a point source light. Only downside is this is time consuming when rendering.
B) Same as above, except you fake the lights, you have a material assigned to the LED which glows, not sure if you have it in lightwave but there is such an option in MR arch and design shader, maybe there's something similar in LW?
That's how I would do it, but I'm sure someone has a better way.
C U R R E N T__P R O J E C T S
[T A 2 2]
CPU i5 2500k @ 4.4GHz
Memory 8Gb Corsair Vengeance 1866MHz
HDD 2TB
Graphics Card Asus GeForce GTX 560ti
Monitor Setup LG 23"
OS Windows 7 Professional 64-bit