Hi,
swf.addParam("wmode","transparent");
when using wmode=transparent or wmode=opauqe then the Flashplayer is not longer able to catch the mousewheel,
but the krpano scripts (the swfkrpano.js or the swfkrpanomousewheel.js) are fixing this problem by catching the mousewheel events by javascript and sending the flashplayer (krpano) that there were mouse wheel changes,
but now locally - the javascript to flash interface - is disabled by default for security reasons, so the javascript mousewheel fixes can't work,
to get it working locally it would be necessary to change the flashplayer security settings,
see here for more details:
http://krpano.com/docu/localusage/
best regards,
Klaus