Hi,
Some time ago were a discription how to make lowpoly models make look highpoly with normal maps. The problem was the need of 3DSMAX to convert the highpolymodel to normal.

Here is a free tool which converts high poly models to lowpolymodels and it converts highpolymodels to normal maps for lowpolymodels. And the tool is free. I also recomment the shader editor/creating tool on this page

Here the link:
Highpoly to lowpoly - for free
http://developer.nvidia.com/object/melody_home.html

FX Shadereditor - for free
http://developer.nvidia.com/object/fx_composer_home.html

PS: My english isn´t the best so I maybe didn´t understood that right, because I didn´t tested it yet.

EX Citer

Hm, is it possible to use that Nvidia Tool also for ATI Cards??

Yeah it is possible, works really well on my raedon 9800 pro.

Also this is another excellent tool for normal mapping with just the textures
NormalMapperUI - Stand alone (1.21) , available here: http://www.ati.com/developer/tools.html
After the new image is generated just soften it or blur it a couple of times and it looks awesome