var mooFade = new Class(
{
    Implements: [Options],
 
    options: { delay: 5000 },
   
    initialize: function(ul,options) {
        this.setOptions(options);
        this.ul = $(ul);
        this.items = this.ul.getElements('li');
        this.items.setStyles({'display':'block','position':'absolute','opacity':0});
        this.current = 0;   
        this.timer = null;        
        this.start();
    },    
   start : function()
    {
        this.items[this.current].fade(1);
        this.timer = this.next.periodical(this.options.delay,this);
    },
    next : function()
    {
        this.current++;
        this.items[this.current-1].fade(0);
        if (this.current >= this.items.length) this.current = 0;
        (function() { this.items[this.current].fade(1); }).delay(500, this);
    }
});