First, you need a movie filmed with a 360° camera.
This is what the original movie looks like :
Here is the FLV file :
And you can see what the camera looks like on this page.
The idea was to apply the BitmapData of that movie on a GeoSphere.
The GeoSphere is made in 3DSMAX with flipped faces and exported in ASE Format.
The ASE Format is readable by Papervision3D.
Then you just need to draw your bitmapData into a texture you apply to the ASE in ActionScript.
Click and move your mouse over the movie.
About videos :
The videos I use come from ImmersiveMedia.com.
This 360° Video System was already made by ImmersiveMedia but only for the Shockwave plugin.
I think I have a good approach here with the Flash Player plugin
You can take a look to my sources by clicking here.