Radiometric compensation techniques allow seamless projections onto complex everyday surfaces. Implemented with projector-camera systems they support the presentation of visual content in situations where projection-optimized screens are not available or not desired - as in museums, historic sites, air-plane cabins, or stage performances. We propose a novel approach that employs the full light transport between projectors and a camera to account for many illumination aspects, such as interreflections, refractions, shadows, and defocus. Precomputing the inverse light transport in combination with an efficient implementation on the GPU makes the real-time compensation of captured local and global light modulations possible.