Gavin Wignall has a post up on how to create a 360 panorama by using Microsoft Photosynth.
Photosynth is a tool that uses Microsoft Silverlight to piece together photographs to map them in 3d space. The tool is really easy to use, once you have your photographs you upload them and the tool does the rest for you. Once your images are mapped out by the tool, you are given a Silverlight interface to add some further information if you choose. You can add tags to individual images, add a geolocation and a description.