I found the link here and this is what I ended up coming up with. It works as expected.
<script type="text/javascript">
jQuery(document).ready(function($){
var firstNumber=15, timeOut, pause=false;
function loadCurrentArrayNumber(){
if (pause) { return false; } // if hovered : stop 'timeOut'
clearTimeout(timeOut);
// add a timer to the array
timeOut = setTimeout(function() {
++firstNumber;
if(firstNumber > 14){firstNumber=0;}
$('.image').eq(firstNumber).each(function(){
var $this = $(this);
var bottom = $this.find('img').height();
$this.find('.image_hover').css('bottom', -bottom);
var top = $this.find('span.text_inner').height();
$this.find('.text_holder').css('top', -top-10);
$this.find('.text_holder').css('visibility', 'visible');
$this.find('.image_hover').css('visibility', 'visible');
$this.mouseenter(function(){
//clear existing
$('.image_hover').stop().animate({'bottom': '-188px'}, 200);
$('span.text_holder').stop().animate({'top': '-67px'}, 100);
//show new one
$this.find('.image_hover').stop().animate({'bottom': '0px'}, 200, function(){
$this.find('span.text_holder').stop().animate({'top': bottom/2-top/2}, 300);
});
})
// trigger the mouse function
$this.trigger('mouseenter');
$('.projects_holder_outer').trigger('mouseleave');
});
}, 2000);
}
loadCurrentArrayNumber();
$('.projects_holder_outer').hover(function() {
pause = true;
clearTimeout(timeOut);
}, function() {
pause = false;
loadCurrentArrayNumber();
})
});