Hi there,
"Faking" GI can be done in any number of ways.
Usually what I do, is throw together a regular 3 point lighting setup, and then add around 8-10 omni lights with a very low intensity (0.1-0.15)...all which cast regular shadows, only their sample radius is set to very high (around 15-30).
That'll help you to fake those soft shadows.
Also...I usually throw a light underneath the whole scene (no shadows for that light...and an intensity of around 0.3). That helps to fake light "bouncing" off the ground/floor.
Finally, give each light a different colour. Normally the default is white and that can lead to very flat lighting. Giving them a variety of colours such as blue, green, red, orange etc can help to variate the colours in your scene a little more (without making it looks totally crazy haha). Keep the colour of the higher intensity lights at the main colour hue of your scene (ie...sunlight would be yellow, nighttime blue, indoors red/yellow etc)...but for the less intense lights you can mix it up however you want.
Hope that helps!
If you post some images we could help suggest ways to light your scene