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"Rotating Space" is a freeware VST effect plug-in for Windows: A 3D panner based on Head-Related Transfer Functions (HRTFs).
Rotating Space simulates a sound source (the stereo input signal) which rotates around up to ten arbitrarily definable axes. You must use headphones to hear the effect. Consider the following arrangement: The stereo input signal is played with two speakers. Over the time the virtual speakers will move around the listener while the distance to the listener keeps constant. You can determine the way in which the speakers move.
Version 1.1.0 offers some improvements over version 1.0.0: