[ART] Blender Reflection Texture

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Render materials and realtime materials ("game-materials") are different. Some features of render materials can be baked into textures for realtime use - for example you can bake the Ambient Occlusion lighting and multiply it over your diffuse texture in Photoshop. (But a bake will always just give you a texture with color on it, no complex effects.)

You can't simply export a complex shader from a 3D program into a game engine - the engine wouldn't know what to do with it since it's handling the entire rendering process differently. (Because it's realtime and therefore has to be a lot faster, which excludes costly calculations like precise refraction, global illumination, real reflection, etc...)

Your crystal material there looks like quite a complex shader with refraction or the like that would not work in realtime (That's why you can't see the end result in the viewport). So what you need to do is try and replicate the effect with the simpler options the hpl material editor gives you. For example you can fake the reflectivity of the material by using a cubemap like Your Computer suggested. Fresnel should also be possible if I remember correctly.You could also put an interesting alpha on it to make it more transparent at the tip and less at the base or something like that...
Distortion is not possible, I think... Might want to use UDK for fun stuff like that