In the spirit of jQuery, I made the carousel component as a plugin. For some of the animations and positioning aspects of the carousel, I used the dimensions and ui plugins. You can hover over each item to see a tooltip for the project. The tooltips are shown using the clueTip plugin.
You can download the zip containing the demo files along with the complete source for the carousel plugin. [Note that the version of jQuery I am using may be older.]
[Update] You can now see a live demo
Hope you find it useful :)