If you use a device to "pull off" the power from a PoE connection it might be enough to power both the Pandaboard and a low power camera.
But if the camera only had an ethernet interface you would still need a switch as well. (that also needs power)
It would make more sense to use a USB camera or one of the camera interfaces on the Pandaboard, then plug the PoE's split power into the Pandaboard.
With software you should be able to use PoE+ with a pandaboard system, so you could draw even more power. You will need to power the Pandaboard up on PoE, then use software to send the right kind of packet to turn PoE+ on. (or force higher power using the injector/switch as there might be a switchable port option on some switches)
Bill