The image Editor is opened by clicking the 
button at the bottom of the Images Tab.
Use the Image Editor to add Image Layers to the panorama. Image Layers are images that may be positioned over the background panorama image; they may also be made transparent and resized.
All the modifications done to the image layers never modify the original files, neither the original background image.
Only when the executable panorama is created the image layers are blended with the background image and saved as an executable panorama.
To add a new image layer click New on Images menus. The image layers can moved freely by selecting one image layer at a time, releasing the mouse button then clicking again on the it and dragging it to its new position.
They may be resized by dragging its resizing handles.
Both resizing and moving may be done specifying exact measurements, using the Width, Height, Left and Top text boxes.
The Opacity slider changes the selected image opacity. The opacity value determines to what degree the image obscures or reveals the background image. An image layer with 1% opacity appears nearly transparent, while one with 100% opacity appears completely opaque.
Use the Transparent color buttons to create a layer with a transparent color, which will be made invisible, so it is 100% transparent, revealing the background image below it.
In the image above the selected camera image layer was made transparent, so the background color is displayed through the image areas with the color marked as transparent. The image of the ship to the right is not transparent, so it appears like a box, not an irregular image.
To delete an image layer, select it and click Remove on the Selection menu. To remove all image layers click Remove all images on the Images menu.
Each image layer may be assigned a link, by typing the link address in the Link text box. When the user displays the panorama, all images with valid links act like buttons, opening the file assigned as link.
Links may be HTML files that are opened in the default Internet browser, or
any other kind of files, that will be opened in the program that corresponds
to the specified files. So, if a link points to .doc file, it will
be opened with Word, if the files is an Acrobat (.pdf) document,
it will be opened with Acrobat. Valid link filenames may be both local and online
files.
Of course, if the program needed to handle the file is not installed, the link will not be opened at all.
Pano2exe can also show messages when a link is clicked. Any link starting with
MSG: will be displayed as a message on the screen, but the four
initial letters (MSG:) will not be shown.
Pano2exe also can link one executable panorama to another one or to a Pano2exe panoramic image. See Linking Panoramas between them for more information about the matter.