My javascript is not up to scratch at the moment and I am stumped with this!

I need to create an animated list with javascript like this one - http://www.fiveminuteargument.com/blog/scrolling-list.

What I want is to take a list like so

<ul>
    <li>Item 1</li>
    <li>Item 2</li>
    <li>Item 3</li> 
    <li>Item 4</li>
    <li>Item 5</li>
    <li>Item 6</li>
</ul>

And display two at once, then display them in a loop, 2 at a time.

Even pseudo code would help to get me started.