Hi Stephen,
I assume you have the Mac version, the QTVR tools are not available in the Windows version. To access the tools go to the "Windows" menu and select the "QTVR Tools" menu item. The QTVR tools are documented in the online help, which you can access by choosing "Terragen Help" from the Help menu. When Help Viewer opens click on the "Browse Terragen Help" link and then the "QTVR Panoramas" link in the sidebar.
Regards,
Jo