The text is image mapped. (The moving bullet isn't linked.)
What you need to start:
An animated gif. If you are unfamiliar with animated gifs you can find details on their creation on the Animated Gif page on this server.
A client side image map. If you are unfamiliar with client side image maps, introductory information is available on the Image Maps page on this server.
By the end of this session you will know:
The html source to this document is a great way to get yourself started in creating your own HMTL
The Multimedia Lab provides a variety of software for your use. Animation, rendering, and media capture are all available. Stop by the lab for details!