ProFX 2 is basically a graphics engine that creates “content on the fly, as opposed to creating it before distribution.” Video after the break.

More generally, the term ‘procedural’ is strictly related to a procedure used to compute particular functions. This concept takes on dramatic expression in fractals, a specific example of procedural generation; one around which a whole body of mathematics�fractal geometry�has evolved. Most common procedurally generated content include textures and meshes