1. download the QTVRControlX EXE file from http://members.fortunecity.com/birbilis/QT4Delphi/ (see downloads section)
2. run the EXE file to install so that the QTMLClient.dll and QT4Delphi_ActiveX.ocx it contains are placed in the Windows folder
3. go to PowerPoint and right click the toolbar to select "Controls ToolBox" and show the respective toolbar in case it's hidden (it will show floating, you can drag it onto another toolbar to dock it there). There's an icon at the end of the toolbar, showing a "toolbox" icon and three dots "..." also drawn on that icon. Press it and a dialog with a scrolling list that shows all registered ActiveX controls in the system will show up (warning: not all of them can be placed in PowerPoint97, most possibly PP2000 is more relaxed regarding requirements from controls to be placeable in it). Select the "QTVRControlX" (list is alphabetically sorted). Then drag to make an area on your slide and you'll see something inserted (I should be showing some logo there by default when no movie is yet set for the control to show)
4. After having the QTVRControlX in the slide, right click the control's area and select "Properties". At the properties window, set the "Filename" property (need full path, possibly relative path to the .PPT file location or possibly to the powerpoint executable might work). Don't know if the URL property works, had added it long ago and haven't tried it yet
5. set PP to presentation mode and play with your QTVR movie in the slide!
6. can use VBA to script the control, e.g. have buttons that set the pan/tilt/fov etc. properties of the control, or have script at events to do actions etc.

I've also got some plans to add hotspot related properties and events (e.g. onMouseOverHotspot, onMouseClickedHotspot, ...)

also see the QTVRControlX FAQ