用两个div嵌套链接文字，最外面的div设置 overflow:hidden，并用js动态控制它的width，实现伸展与收缩。
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=gb2312" />
<title>新闻轮显的demo</title>
<style type="text/css">
a { font-size:14px}
#box { width:400px; height:20px; overflow:hidden;}
#title { color:#000;width:400px; height:20px;font-size:14px;line-height:18px; /*background-color:#FF0000*/}
</style>
<script type="text/javascript">
var handle;
var handle2;
var boxW=0;
var titleNum=0;
function init(){
var newsTitles = "快乐笛子的博客|中央统战部：新社会阶层纳入中国统一战线|中俄明年将在俄远东地区举行联合反恐演|广州宾馆3小时内须将旅客信息传给公安机关|国亲将推动弹劾陈水扁案";
var newsLinks = "http://www.happyshow.org||http://news.sina.com.cn/c/2006-09-02/02069914065s.shtml||http://news.sina.com.cn/c/2006-09-02/06069915455s.shtml";
document.getElementById("box").style.width = "400px";
document.getElementById("title").innerHTML = "<a target='_blank' href='"+newsLinks.split("|")[titleNum]+"'>"+newsTitles.split("|")[titleNum]+"</a>";
//setTimeout("decreaseBoxW();",1500);
titleNum++;
setInterval("innerTitle('"+newsTitles+"','"+newsLinks+"')",3100);
}
function innerTitle(titles,links){
var t = titles.split("|");
var a = links.split("|");
if (!t[titleNum])
titleNum=0;
document.getElementById("box").style.width = "0px";
document.getElementById("title").innerHTML = "<a target='_blank' href='"+a[titleNum]+"'>"+t[titleNum]+"</a>";
handle2 = setInterval("increaseBoxW()",1);//展开
titleNum++;
}
function increaseBoxW(){
boxW = parseInt(document.getElementById("box").style.width);
boxW = boxW + 4;
if (boxW>400){
clearInterval(handle2);
document.getElementById("box").style.width = "400px";
setTimeout("decreaseBoxW()",1500)
}else{
document.getElementById("box").style.width = boxW+"px";
}
}
function decreaseBoxW(){
handle = setInterval("decreaseBoxW2()",4)
}
function decreaseBoxW2(){
boxW = parseInt(document.getElementById("box").style.width);
boxW = boxW - 16;
if(boxW<0){
clearInterval(handle);
document.getElementById("box").style.width = "0px";
}else{
document.getElementById("box").style.width = boxW + "px";
}
}
</script>
</head>
<body>
<div id="box">
<div id="title"></div>
</div>
<script type="text/javascript">
init();
</script>
</body>
</html>