Using Reverse Lookup Tables, you create a lookup table consisting of the password hash of user accounts. Then you use another table which consists of hashes with guessed passwords. Then you compare the two to see if the hashed password of compromised user account matches hashed password in lookup table.
Using Rainbow Tables, it appears to be the same technique except the lookup table is smaller so you can search through them quicker.
What is the real difference between reverse lookup tables and rainbow tables?