Does unity recognize lightwave files? I dont even see my collada files. So far it only sees .objs
Are you using Lightwave 8.2 or higher? You should download the fbx plugin for lightwave.' Windows Lighwave 8.2 and 9.0 plugin
It should support all of these (bottom of page): http://unity3d.com/unity/features/asset-importing
Maybe there is an error in the export.
so it looks like one must export to FBX, that unity cannot import lwo files. That's ok. I hope the textures come with :)