This paper describes a new panoramic, 360 degree(s) video system and its use in a real application for virtual tourism. The development of this system has required to design new hardware for multi-camera recording, and software for video processing in order to elaborate the panorama frames and to playback the resulting high resolution video footage on a regular PC. The system makes use of new VR display hardware, such as WindowVR, in order to make the view dependent on the viewer's spatial orientation and so enhance immersiveness. There are very few examples of similar technologies and the existing ones are extremely expensive and/or impossible to be implemented on personal computers with acceptable quality. The idea of the system starts from the concept of Panorama picture, developed in technologies such as QuickTimeVR. This idea is extended to the concept of panorama frame that leads to panorama video. However, many problems are to be solved to implement this simple scheme. Data acquisition involves simultaneously footage recording in every direction, and latter processing to convert every set of frames in a single high resolution panorama frame. Since there is no common hardware capable of 4096x512 video playback at 25 fps rate, it must be stripped in smaller pieces which the system must manage to get the right frames of the right parts as the user movement demands it. As the system must be immersive, the physical interface to watch the 360 degree(s) video is a WindowVR, that is, a flat screen with an orientation tracker that the user holds in his hands, moving it like if it were a virtual window through which the city and its activity is being shown.