QuickTime VR panoramas are special images which allow you to see a 360 degree view.
The image appears in a window which you can 'move around' using mouse movements.

Controls
Point cursor at image, hold left mouse button down and drag to move view.
Shift key to zoom in (resolution may be poor).
Ctrl key to zoom out.

To view the images, you need a QuickTime viewer for your browser. You can get these from the Apple QuickTime or Apple QTVR sites.