Check out this wired article
Using eight cheap webcams, a GPS receiver and open-source software, West Point graduate Roy D. Ragsdale built a rig that can do what Google’s Street-View cars do: take images of the world around it and stitch them together into panoramas. The difference? This version can be carried on your head and cost just $300 to make. The hacked-together software suite can even throw out files that can be viewed in Google Earth.