O.K. Thanks. The packaging process now works.
I changed my current directory to my F:\Panda3D-1.7.2.Work directory and packaged it there.
F:\Documents and Settings\Administrator>cd F:\Panda3D-1.7.2.Work
F:\Panda3D-1.7.2.Work>which packp3d
/cygdrive/f/Panda3D-1.7.2/bin/packp3d
F:\Panda3D-1.7.2.Work> packp3d -o F:\Panda3D-1.7.2.Work\Tut-Carousel.p3d -d F:\Panda3D-1.7.2\samples\Carousel
:PackageInfo: hash check ok: /f/Documents and Settings/Administrator/Local Settings/Application Data/Panda3D/hosts/runtime
:PackageInfo: Package panda3d uses 107 MB
:PackageInfo: Package egg uses 5 MB
:AppRunner: Total Panda3D disk space used: 112 MB
:AppRunner: Configured max usage is: 2048 MB
:AppRunner: Freshening https://runtime.panda3d.org/panda3d/cmu_1.7/win32/panda3d.cmu_1.7.win32.import.xml
:downloader: GET [ https://runtime.panda3d.org/panda3d/cmu_1.7/win32/panda3d.cmu_1.7.win32.import.xml ]
There are some missing modules: ['panda3d.core']
:egg2pg: Reading /f/Panda3D-1.7.2/samples/Carousel/models/carousel_base.egg.pz
:gobj: Loading texture /f/Panda3D-1.7.2/samples/Carousel/models/carousel_base.jpg
:egg2pg: Flattened 1 nodes.
:egg2pg: Reading /f/Panda3D-1.7.2/samples/Carousel/models/carousel_lights.egg.pz
:egg2pg: Flattened 1 nodes.
:egg2pg: Reading /f/Panda3D-1.7.2/samples/Carousel/models/carousel_panda.egg.pz
:gobj: Loading texture /f/Panda3D-1.7.2/samples/Carousel/models/carousel_panda.jpg
:egg2pg: Flattened 1 nodes.
:egg2pg: Reading /f/Panda3D-1.7.2/samples/Carousel/models/env.egg.pz
:gobj: Loading texture /f/Panda3D-1.7.2/samples/Carousel/models/env_sky.jpg
:gobj: Implicitly rescaling env_sky.jpg from 1200 by 900 to 1024 by 512
:gobj: Loading texture /f/Panda3D-1.7.2/samples/Carousel/models/env_ground.jpg
:egg2pg: Flattened 1 nodes.
Generating Tut-Carousel.p3dAt the end when I run Tut-Carousel.p3d it plays.
F:\Panda3D-1.7.2.Work>which panda3dw
/cygdrive/f/Program Files/Panda3D/panda3dw
F:\Panda3D-1.7.2.Work>panda3dw Tut-Carousel.p3d (it plays)