Lots of hsv2rgb commentary but no working example, so here's mine:

<?php // hsv2rgb example translated from ImageMagick C code
function hsv2rgb($h, $s, $v) 
{
    $s /= 256.0;
    if ($s == 0.0) return array($v,$v,$v);
    $h /= (256.0 / 6.0);
    $i = floor($h);
    $f = $h - $i;
    $p = (integer)($v * (1.0 - $s));
    $q = (integer)($v * (1.0 - $s * $f));
    $t = (integer)($v * (1.0 - $s * (1.0 - $f)));
    switch($i) {
    case 0: return array($v,$t,$p);
    case 1: return array($q,$v,$p);
    case 2: return array($p,$v,$t);
    case 3: return array($p,$q,$v);
    case 4: return array($t,$p,$v);
    default: return array($v,$p,$q);
    }
}

$image = ImageCreateTrueColor(256,128);
for ($y=0; $y<64; $y++) for($x=0; $x<256; $x++){
    list($r,$g,$b) = hsv2rgb($x | 7,255,($y*4) |7);
    $color = ($r << 16 ) | ($g << 8) | $b;
    imagesetpixel($image, $x, $y-4, $color);
}
for ($y=64; $y<128; $y++) for($x=0; $x<256; $x++){
    list($r,$g,$b) = hsv2rgb($x|7,((127-$y)*4)|7,255);
    $color = ($r << 16) | ($g << 8) | $b;
    imagesetpixel($image, $x, $y-4, $color);
}
for ($y=120; $y<128; $y++) for($x=0; $x<256; $x++){
    $color = (($x |7) << 16) | (($x |7) << 8) | ($x |7);
    imagesetpixel($image, $x, $y, $color);
}
header("Content-Type: image/png");
imagepng($image);
?>