Fear kiting is a strategy which requires certain prerequisites to be available to the player or group deploying it. Firstly, and obviously, is access to one of the fear lines of spells. Secondly, a snare of some sort since otherwise the mobs will run out of range and the loot/XP will not be obtained. Thirdly some form of DOT (damage over time), either in the form of a spell or a pet beating on the mob, which will ensure the mob in question continues to die. Classes which have access to all these attributes and which can perform this operation solo include: shadowknights and necromancers.
Panic kiting is, in most respects, similar to fear kiting, but only works with animals using some form of Panic animal spell. Snare is still a good idea, but is not absolutely required. Damage can be done in one of four way: DoTs, DD spells, archery, or by running behind and meleeing. Panic kiting animals is often used by druids or rangers when soloing in zones populated by animals, such as Natimbi.
Typically the mob to be fear or panic kited is pulled with a snare, feared or panics, and dotted. The process of fearing and damaging is repeated until the mob dies, snare and fear or panic being refreshed when necessary.