Segue abaixo informações de instalação retiradas do Help do vray. ;)
System requirementsA computer with 3dsmax 3/4/5/6 or VIZ 3/4/5.
Windows 2000/XP
Intel Penium II or compatible processor at 400 MHz minimum (dual Pentium III or later recommended)
128 MB RAM and 350 MB swap minimum - recommended 1 GB or more RAM, 2.5 GB or more swap
Automatic installation
In order to install VRay automatically double-click on the installation file and follow the instructions. During the installation process you will be prompted for the root directory of 3dsmax and a directory where to install the VRay plugin files.
Manual installation
3dsmax 6.x
The following files must be placed in the following directories:
Required files
libmmd.dll* [maxroot] Intel C++ compiler math library
vray60.dll [maxroot] VRay core API implementation
vrender60.dll [maxroot]\plugins VRay for 3dsmax renderer
Additional plugins
vrayfur60.dlo [maxroot]\plugins\vrayplugins Fur plugin for 3dsmax
vrayplane60.dlo [maxroot]\plugins\vrayplugins Infinite plane plugin for 3dsmax
vraytoon60.dlo [maxroot]\plugins\vrayplugins Toon atmoshperic plugin for 3dsmax
DR files
vraydummy60.max [maxroot] Empty scene for booting up 3dsmax in server mode
vraydummy60.xml [maxroot] Helper file for booting up 3dsmax in server mode
vrayspawner60.exe [maxroot] Program to start 3dsmax in server mode
Bake3D
bake3D60.dlu [maxroot]\plugins Additional utility plugin for baking textures/lighting
* You should already have (an older version of) the libmmd.dll file in the 3dsmax root folder. Copy or rename the file before placing the libmmd.dll file from the VRay installation. If you experience any problems with 3dsmax, return the original file.
If you want to use the additional VRay plugins (VRayFur, VRayPlane, VRayToon, add the path to them to the plugin.ini file in the root folder of 3dsmax:
[Directories]
Standard MAX plug-ins=<maxroot>\StdPlugs
Additional MAX plug-ins=<maxroot>\plugins
.....
VRayPlugins=<maxroot>\plugins\vrayplugins
where <maxroot> is the root folder of 3dsmax. Note that the vrayplugins folder must be listed after the plugins folder itself