Good pre-rendering software?

Community Forums/Developer Stations/Good pre-rendering software?

Cubed Inc.(Posted 2014) [#1]
Though the idea is not fully fleshed out, I had the idea to make an old-school style, 3d graphic adventure game with Blitz3d with similar graphics to games like Grim Fandango, where the backgrounds are detailed and rendered with shadows (though not actually rendered in real-time by the program), and the character models are sorta blocky looking. I know it sounds pretty nuts, but I've always had a special love for games that look like that.
Anyway, does anyone know any good programs that can do such a thing without breaking the bank? I had the idea to model out environments in Milkshape 3d, then load it into a program where shadows and lighting can be rendered, take a snapshot of the results, and insert that into the game as the actual environments.
Any suggestions would be greatly appreciated.