Remove the for loop, leaving the rotation commands inside the main loop. Change the rotation value to OBJECT ANGLE X(1) + 1 for the x rotation, and OBJECT ANGLE Y(1) + 1 for the y. This will rotate the object 1 degree on the x and y each loop.
You might want to look up for loops again, it seems you have the wrong idea with step values there. If you want x to increase by 0.05 each loop in a for loop, put STEP 0.05 at the end of the FOR line. You'll also need to declare x as a float (x#) instead of integer, and have it's starting value a float by adding a .0 to the end (in this case, 0.0).
But that doesnt matter right now since you dont need a for loop for this problem.
Also, if you want the camera to slowly come to a stop, Id recommend using curvevalue. Eg;
POSITION CAMERA CAMERA POSITION X(), CAMERA POSITION Y(), CURVEVALUE(CAMERA POSITION X(), 0, 100)
Look it up for more info.