That is NOT how you set the path. If you want to use the single .jar file then you set it's path not the codebase (I'm not 100% sure where you even got that from)?
It would be ptviewer.jar = "../virtual_tours_work/glaunsharoon/twobed_livingroom/" and this is only relevant to the .jar file not the pano image or the loading and wait images. These paths would need to be set in the PARAMETERS
Absolute paths are recommended, Not Relative paths.
Your http://www.the360co.com/virtual_tours_work/glaunsharoon/twobed_livingroom/livingroom.htm works correctly because all the relative files are in the correct place and you haven't set relative paths in the wrong place.