What are you going to make? Mapeditor, model-editor?? Well.. I'm no guru at this and i've actually never tried, but i have thought about it as i later will need a mapeditor... I'd do it like this:
Three (or more) views on the screen, One looking towards the front of the object (Y, X), one from the side (X, Z), one from the top (X, Y), and maybe a view with it all textured (shaded, whatever... just to see the results..). Here using (Y, X) means that you should use the Y axis as the X axis and X axis as the Y axis...
The three first views will be the areas you drag the rectangle. When dragging the rectangle, you take the "position of the view" and add the mouse X,Y coordinates to get the "real position" inside that view. Then you must create the needed vertices (one with x,y,z where you clicked in the view, one with x + mouseX, y, z one with x,y + mouseY,z and one with x+mouseX, Y+MouseY, z). If you have to set the X, Y or the Z varies from what view the user uses... then just do this with all the sides of the rectangle (3D right??)...
As i said i have never tried this, so try it at own risk MWAHAHAH!!! ok, ok, i will relax , have some sleep and drink something with relaxing effect, like red bull
EDIT: if its hard to understand (for some reason my english get the oposite of tidy, when i explaind difficult things
), just post the part you didn't understand and i'll try to explain better..
-- Loffen