The application of the newly popular content medium of 360 degree panoramic video to the widely used offline lighting technique of image based lighting is explored, and a system solution for real-time image based lighting of virtual objects using only the provided 360 degree video for lighting is developed. The system solution is suitable for use on live streaming video input, and is shown to run on consumer grade graphics hardware at the high resolutions and framerates necessary for comfortable viewing on head mounted displays, rendering at over 60 frames per second for stereo output at 1182x1464 per eye on a mid-range graphics card. Its use in several real-world applications is also studied, and extension to consider real-time shadowing and reflection is explored.