Hola, esto a mi me funciona bien, te paso el ejemplo (logicamente debes colocar las imagenes y los links que correspondan)
Código:
<html><head><title>Javascript Rotation</title>
<script language="javascript1.1">
var frames;
images=new Array(5);
links=new Array(5)
images[0]=new Image();
images[0].src="imagen1.gif";
images[1]=new Image();
images[1].src="imagen2.gif";
images[2]=new Image();
images[2].src="imagen3.jpg";
images[3]=new Image();
images[3].src="imagen4.gif";
images[4]=new Image();
images[4].src="imagen5";
links[0]=new String();
links[0].value="http://www.sitio1.dominio/";
links[1]=new String();
links[1].value="http://www.sitio2.dominio";
links[2]=new String();
links[2].value="http://www.sitio3.dominio";
links[3]=new String();
links[3].value="http://www.sitio4.dominio";
links[4]=new String();
links[4].value="http://www.sitio5.dominio";
frames=0;
function animateImages()
{
document.image_placeholder.src=images[frames].src;
book_link.href=links[frames].value;
frames=(frames+1)%5;
timeout_id=setTimeout("animateImages()",5000);
}
</script>
</head>
<body bgcolor="white" onLoad="animateImages();">
<a href="javascript:0" name="book_link"><img src="imagen1.gif" name="image_placeholder" border="0"></a>
</body>
</html>