Occulus Lol Demo description

Control 3d camera by rotating in place while holding the phone in front of your face. You can also tilt phone to look down or up. Heavy tilt causes motion (walking). This is a demo app and contains 1 non-interactive scene.

App needs camera to detect yaw (rotation around Up axis).
App needs accelerometer to detect picth and roll.
Look down to start walking forward.
Look up to stop or step back.
Performs best if standing in a center of an empty evenly lit room with contrast furniture and decorations.
To achieve 3d effect you may cross your eyes but WARNING be careful, cause it can harm your vision.
If you will be so cool to build some device to fix your phone in front of your eyes and some optics to direct pictures to each eye, then you need to "invert eyes" by pressing button with same name (press [*] first to access controls).

Warning! That is not even close to Oculus Rift and not related to it.