Err, I'm not really sure what you mean. If you mean like a parallax effect, that's fairly easy and there are articles on it. If you mean like a smoothly wrapping world, in which if you go far enough in one direction you'll eventually find your way back in the center, that can be done with a few tricks (I'll write an article on this eventually since it's a pretty neat effect). If you mean the use of actual 3D models, none of the current solutions in MMF are particularly attractive.
I achieved a 360-degree level in an abandoned project of mine, and was pretty proud of it working. There need to be two identical screen-sized areas at each end, between which you can swap the player object and camera position between without the player noticing. Unless Radix has some other clever way of doing it.
I'm not entirely sure what the original question was either, though.
I'm not definate, but I think what he actually is asking is if it is possible to rotate all the active objects and backgrounds in runtime (essentially the whole frame). Kind of like some of the level in Super Mario World 2 (I think that game has it). Hope that makes sense? Anyway, if that is what he is on about, it is technically possible, but likely not worth the effort...
And about the wrapping, I have done that many times, in fact in the latest game I am working on I intend for the entire world to be on one frame, and it will load in/stream the areas as you play similar to GTA: San Andreas and other more recent games. If this is what the OP was actually talking about, then this is entirely possible!
Maybe he's talking about a platformer on a small planetoid, like that boss in Yoshi's Island or the 9-Volt boss from Warioware twisted? If so, you'll need to use trig. x = radius * cos(angle), y = radius * sin(angle), positioning and rotating detectors appropriately.
He could also be talking about physics, like a platform that is attached to the level by a single pivot point, that rotates around as forces act on it.
Whee, ambiguity is fun.
"Omg. Where did they get the idea to not use army guys? Are they taking drugs?" --Tim Schafer on originality in videogames