I had an idea that you could simulate a QTVR-style panorama in flash by projecting a spherical projection onto the inside of a sphere, and then looking at it from the inside. It worked :)
flash 10 required
Da Code
Note: I got the panorama image from here http://www.all-in-one.ee/~dersch/. Using this and other software you can create your own panoramas from multiple images.