Edit in JSFiddle

$("#slideshow > div:gt(0)").hide();

setInterval(function() {
    $('#slideshow > div:first').fadeOut(1000).next().fadeIn(1000).end().appendTo('#slideshow');
}, 3000);

#slideshow {
    margin: 50px auto;
    position: relative;
    width: 100px;
    height: 100px;
    padding: 5px;
    box-shadow: 0 0 10px rgba(0,0,0,0.3);
}

#slideshow > div {
    position: absolute;
    top: 5px;
    left: 5px;
    right: 5px;
    bottom: 5px;
}

<div id="slideshow">
   <div>
     <img src="http://kachibito.net/wp-content/uploads/2011/10/00-red.jpg">
   </div>
   <div>
     <img src="http://kachibito.net/wp-content/uploads/2011/10/00-yellow.jpg">
   </div>
   <div>
     text text text text text text text text text text text text 
   </div>
   <div>
     <img src="http://kachibito.net/wp-content/uploads/2011/10/00-black.jpg">
   </div>
    
</div>