Допустим, ваш html выглядит следующим образом:
<div>
<div class='fadey'>1</div>
<div class='fadey'>2</div>
<div class='fadey'>3</div>
</div>
Вы можете сделать что-то вроде:
var faderIndex = 0, //to keep track
faders = $('.fadey'); //cache, so we won't have to walk the dom every time
function nextFade() {
//fade out element over 1000 milliseconds, after which call a function
$(faders[faderIndex]).fadeOut(1000, function() {
//increase the index and do a check, so we won't overflow
faderIndex++;
if (faderIndex >= faders.length)
faderIndex = 0;
//fade in the next element, after which call yourself infinitely
$(faders[faderIndex]).fadeIn(1000, nextFade);
});
}
//get the ball rolling
nextFade();
Живой пример: http://jsfiddle.net/gpQYW/