Have a look at Pixie.
It’s a RenderMan compliant REYES renderer than an optionally use OpenGL for hiding, while using the CPU for shading.
Note that it’s not doing any ray tracing on the GPU, that would be inefficient: Ray tracing involves lots of unpredictable random memory accessing, which is something at which GPUs aren’t very good at. They’re much better at processing large consecutive areas of memory, like being done in REYES rendering. I know there are some proof-of-concept ray tracing implementations in cg that run on modern graphics cards, but they’re only of academic value.
If you have money to spend, there’s also RenderDrive to get ray tracing on hardware, but that’s not what you’d usually consider a graphics card in the traditional sense.
