You can save animations from lightwave to .x format using Digital Storms plugin.
Make sure that you are saving Text (as you are), make sure that textures are divisable by 256, make sure that you tick "Export Animations"
it worked for a model I made, which was admittedly only rotating on the y axis, but it did export the timeline.
from what i've seen, if it soesn't show in the viewer program, it won't show in DBPro.
forgot to mention, it also worked with another model of a flag I made, which uses bones to "flap about"