For Windows right you can get panda to be a sub window of a win32 dialog we are working on this for OSX right know. We have made it work with MFC and native win32 code. The key is being on the head of he CVS tree and knowing how to run python as a sub thread of your win32 app.(If you are using the python parts of the engine.) Extreme care must be taken to manage keyboard and mouse events. Sub windowing is easy. If you do not need keyboard and mouse input in the panda window(s) you are cooking, if you do get real familiar with the WIN32 setfocus() function.
See the new win_property for a parent window handle
Cheers
Roger