var _currentPattern = 0;
$(document).ready(function(){HideLi();})
window.setInterval("HideLi()", 8000); //THIS SETS YOUR INTERVAL 1000 = 1 second!
function HideLi()
{
    $('.hpWhatsNew .theList li').each(function(i){$(this).css({"display":"none"})}); //Sets all Li's css display property to none
    $('.hpWhatsNew .theList li:eq(' + _currentPattern + ')').css({"display":"block"}); //Sets the li with the index = _currentPattern css display property to block
    if(_currentPattern !=2) //if the counter is below 2 add one
        _currentPattern++;
    else                    //if the counter is = 2, reset to 0
        _currentPattern = 0;
}