I had this working beautifully, and stupid me, accidentally deleted the code the JavaScript code. Now I can't seem to duplicate it again. Here is my HTML.
Code HTML4Strict:
<div id="fader">
            <ul>
                <li><a href="/projects/"><img src="image1.jpg" /></a><span>This is the first line of text</span></li>
                <li><a href="/projects/"><img src="image3.jpg" /></a><span>The second line of text here</span></li>
                <li><a href="/projects/"><img src="image3.jpg" /></a><span>The third line of text goes here</span></li>
            </ul>    
    </div>
The concept here is that each li element is sitting on top of one another because I have them all absolute positioned with css. What I need to accomplish is to slowly fade out the first li element, and fade in the second, then the third, etc.

Any hints or ideas on how to get this working again would be great.