The problem of simultaneously computing relative pose between two images and the unknown 3d world coordinates has been treated here:
Berthold K. P. Horn. Relative orientation revisited. Berthold K. P. Horn. Artificial Intelligence Laboratory, Massachusetts Institute of Technology, 545 Technology ...
EDIT: here is a link to the paper:
http://citeseer.ist.psu.edu/viewdoc/summary?doi=10.1.1.64.4700
Please see my answer to a related question where I propose a solution to this problem:
OpenCV extrinsic camera from feature points
EDIT: You may want to take a look at bundle adjustments too,
http://en.wikipedia.org/wiki/Bundle_adjustment
That assumes an initial estimate is available.
EDIT: I found some code resources you might want to take a look at:
Resource I:
http://www.maths.lth.se/vision/downloads/
Two View Geometry Estimation with Outliers
C++ code for finding the relative orientation of two calibrated
cameras in presence of outliers. The obtained solution is optimal in
the sense that the number of inliers is maximized.
Resource II:
http://lear.inrialpes.fr/people/triggs/src/ Relative orientation from
5 points: a somewhat more polished C routine implementing the minimal
solution for relative orientation of two calibrated cameras from
unknown 3D points. 5 points are required and there can be as many as
10 feasible solutions (but 2-5 is more common). Also requires a few
CLAPACK routines for linear algebra. There's also a short technical
report on this (included with the source).
Resource III:
http://www9.in.tum.de/praktika/ppbv.WS02/doc/html/reference/cpp/toc_tools_stereo.html
vector_to_rel_pose Compute the relative orientation between two
cameras given image point correspondences and known camera parameters
and reconstruct 3D space points.