Ambient Occlusion does not pre-compute lighting. It only pre-computes one of the lighting terms; the direction-independent ambient term.
To compute Ambient Occlusion, for each texel, trace a half-sphere of rays out from the surface, out to some local maximum length, and count the percentage that hit some other surface, rather than "getting out" to the wider yonder. The percentage that hit something else is the percentage of your ambient occlusion. Really fancy systems actually use the color of the surface you hit, too, to emulate radiosity in ambient occlusion. And, yes, this means that you have to have a uniquely mapped mesh, and you have to be able to do ray tracing within your mesh, similar to how you'd do a radiosity computation pass.
At runtime, you simply modulate the ambient term with your ambient occlusion percentage look-up. You still have to calculate diffuse and specular, because those are position and camera dependent, respectively. If you want to pre-calculate diffuse, for the cases where neither light nor object moves, then you want regular good-old "light mapping," and there are tons of tools out there that can calculate the light mapping for you. I use DeleD, but there are many others, all the way from 3ds Max down to Giles.
Jon Watte, Direct3D MVP
kW X-port 3ds Max .X exporter
kW Animation source code