Its actually quite easy to do.
The first step is to render two images of your scene from different viewpoints with the camera spaced slightly apart horizontally. These camera views represent the images seen through the left and right eye. You may need to experiment with the distance between camera views (Lightwave has a built in camera seperation amount you can change to your liking). Begin with something similar to the diagram shown.
(Brian Taylor of www.rustboy.com did this image and is the one I learned the technique from)
We now have our left and right images. Next, sample the red and blue swatches shown in the example. Fill the left image with 100% blue using the ‘screen’ mode. Fill the right image with 100% red using the ‘screen’ mode.
Finally, paste the left image over the right in Photoshop, creating a new layer. Set the upper layer to ‘multiply’ mode. Next. put on your 3D glasses and nudge the top layer horizontally until you achieve the optimum 3D effect. Crop the sides of the image if necessary to remove unwanted portions. Flatten the image, and that’s it.
The same steps would be taken in After Effects to get this effect. It works great.
Heres a test I did real quick to show something done in Lightwave:
To do this with an animation, not a still, you would take the left images and composite them together into an animation in one composition with a pure red layer on top set to ‘screen’, then do the right images in another composition with a blue layer on top set to ‘screen’, then make a third composition where you take the 2 other compositions you made, putting the left on top of the right, then do ‘multiply’ layer option, on the top layer (the left images composition). Once you do all that it should look like my image above and should look great with the 3D glasses. The way Lightwave renders these is it will say “Image001L.tif” and “Image001R.tif” (or whatever file format you choose). L being left and R being right of course. The default camera seperation distance setting in Lightwave is 60mm (which is the distance between an average persons eyes)…you may need to change this once you do some test renderings and see what looks best in your case.