Quicktime VR is part of Apple's Quicktime API, which allows the viewing of Immersive Images, or Photographic VR environments.
There are many ways of creating images for use with Quicktime VR. Usually, a 35mm camera or digital camera is used to take a series of images with a wide-angle lens. A tripod is used, and the images are taken at fixed intervals.
Stitching Software is then used to merge the discreet images into a continuous 360 degree panoramic image.