if you just bought it, haven't cut it and have your receipt, JoAnn's will take it back (well, my JoAnn's will... call first)
Panne velvet is often called crushed velvet and is basically a knit, so it is really stretchy, and is usually synthetic. I would cut a small piece and zigzag the ends and wash it to see how it does. If it comes out OK, you can back it with a fusible (watch the temp setting) and use it in a quilt. I think it might add wonderful texture to a Christmas throw.