This is harder to do than it sounds with many P&S. I haven't seen many where the tripod mount is directly under the lens.
You are right about that but the thing to remember is that in the US tripods use standard 1/4 inch bolt threads. If you have a block of wod and a drill and some 1/4 inch hardware store parts you can make gadget that puts the camers in the right spot.
In is not the end of the world if you don't get the camera in the exact right spot. The problem you create by a misplaced camera is "parallax". To see it move your head from side toside and notice that forground objects move relative to background objects. Stitching becomes harder if forground objects move between exposures. You can still make a panorama but you can't use the easy automatic tools, you'll either be doing the work by hand in Photoshop or just living with some artifacts in the final image.
Normal outdoor panoramas don't have many very lose forground objects so the parallax effect is minor but indoors everything is not at "infinity" and it will pay off to get the camera possitioned correctly