Hi zblanco,
It is possible to create panoramic images in Director.
Here are a few links
* Cubic VR tutorial - Director Cubic VR - Skybox in Shockwave 3D
* Panorama VR with grip - http://www.director-online.com/buildArticle.php?id=467
* Other links - Dean's Director Resources - Lingo, 3D, Shockwave, Xtras
Dean