We present a new Precomputed Radiance Transfer (PRT) algorithm based on a two dimensional representation of isotropic BRDFs. Our approach involves precomputing matrices that allow quickly mapping environment lighting, which is represented in the global coordinate system, and the surface BRDFs, which are represented in a bivariate domain, to the local hemisphere at a surface location where the reflection integral is evaluated. When the lighting and BRDFs are represented in a wavelet basis, these rotation matrices are sparse and can be efficiently stored and combined with pre-computed visibility at run-time. Compared to prior techniques that also precompute wavelet rotation matrices, our method allows full control over the lighting and materials due to the way the BRDF is represented. Furthermore, this bivariate parameterization preserves sharp specular peaks and grazing effects that are attenuated in conventional parameterizations. We demonstrate a prototype rendering system that achieves real-time framerates while lighting and materials are edited.