I've got a new house, built last year (2003-04). But I brought to it some
ornate antique carved wooden panels to frame an archway -- eight feet tall
two-and-a-half feet wide. These panels haven't been installed yet. I've
noticed the telltale signs of termite debris at the foot of these panels
where I've got them stored (in a steel and drywall garage).

Is there a way of reasonably cheaply getting rid of the termites in a spot
manner? My only experience killing termites has involved putting a tent
over a house. I'd hate to throw away these antique panels.

http://www.ipm.iastate.edu/ipm/iiin/tdrywood discusses pretty much
exactly this topic. They don't mention liquid borate products
like Boracare, Tim-Bor, which may work depending on what the panels
are finished with, and whether you can inject or soak them without
destroying them.