Director can certainly do it, and you could make use of
director's 3d hardware capabilities. If your panoramic images are a
cylindrical map, spherical map or cube map, you'd probably get best
results by using the image as a texture mapped to the inside faces
of the appropriately shaped 3d primitive (cylinder, box or sphere).
You might also want to look into quicktime VR, if you don't
want to get into the programming side of things.
Bens got the right idea. Either way, be aware that you are
gonna rely on the end user having either quicktime or shockwave
player installed on their machine. QuicktimeVR is indeed very
simple to use, shockwave however is alot more flexible. There are
great examples out there, try googling skybox for starters.