You can create a reflective or transparent material using the Phong shader.
To create a reflective material
Adjust the Specular Shading > Reflectivity attribute. You can also adjust attributes such as Specular Color and Cosine Power. See Common surface material Specular Shading attributes.
To create a refractive material
To add refraction, expand the Raytrace Options section of the Attribute Editor, then enable Refractions.
Set the Refraction Index and (optionally) adjust other attributes such as the Refraction Limit.