In the last few years LDA+DMFT, the merger of conventional band structure theory in the local density approximation (LDA) with the many-body dynamical mean-field theory (DMFT) has been proven to be a powerful tool for the realistic modeling of strongly correlated electron systems. This paper provides a brief introduction to this novel computational technique and presents the results for two prime examples of strongly correlated electron systems, i.e., the Mott-Hubbard transition in V2O3 and the volume collapse transition in Ce.