For a school project I did this. I basically took a tripod and using a digital camera took pictures in a circle.
Just make sure nobody is in the pictures and that nothing moves
.
I used some freeware / shareware software to put it all together in a .mov or quicktime file from memory.
I inserted it from there into a Flash file for the project I was working on.
I can't recall the names of the software I used because it was like 4 years ago, but it worked ok.
* I feel sorry for you doing one of those friend of a friend projects.