Whats going on here ?

Look. You created a pivot with the box as a parent. The pivot causes the box look exactly the same as it does but in fact the box is twisted :P. Just use the folowing

Graphics3D 800,600,32,2
SetBuffer BackBuffer()

light=CreateLight()

box=CreateCube()
PositionEntity box,0,0,0
ScaleEntity box,1,0.5,1

camerapivot=CreatePivot()
camera=CreateCamera(camerapivot)
MoveEntity camera,0,0,-7

While Not KeyHit(1)
	If KeyDown(200) MoveEntity camera,0,0,0.5
	If KeyDown(203) TurnEntity camerapivot,0,-1,0
	If KeyDown(205) TurnEntity camerapivot,0,1,0
	If KeyDown(208) MoveEntity camera,0,0,-.5
UpdateWorld
RenderWorld
Flip
Wend
End