Try Arcsoft panorama maker, I had version 3 I think it works quite ok. just checked and version 5 is out so my experience with the old one is pretty out of date.
Now I use lightroom and Photoshop cs4 in combination to make panorama pictures MUCH better result, it takes time rendering on a simple laptop but it does the job eitherway.
PS panorama pictures get quite big in size so you might wanna make em a tad smaller in total or quality or you'll end up with 12 mb panorama's all the time.
Be sure to have a steady hand and if you have the option to enable a guidance grid on the camera just use it, the pictures need to be in line or you might end up with a Panorama picture looking like a snake, use a tripod for the camera that will make it a lot more easy.
here are some example's
Widescreen:

Panorama 360 degree Please view fullscreen if you download it "if possible" otherwise download 360 Desktop that will give you a nice impression. Edit* just found out you can't download the full size image here so try the link
http://picasaweb.google.com/lh/photo/7EQ3YndVFrAUwIdPcX_m_g?feat=directlink

left:Very tall picture.. Right: a rainbow which is made with 5-6 portrait photo's since the rainbow was too big to shoot in 1 shot, needed wide angle but didn't have it. and would only distort proportions.

Hope this helped