var TimeToFade =  1000 . 0 ;

function fade(eid){

var element = document.getElementById(eid);
if(element == null)
return;

if(element.FadeState == null){
element.FadeState = - 2 ;
}

if(element.FadeState ==  1  || element.FadeState == - 1 ){
element.FadeState = element.FadeState ==  1  ? - 1  :  1 ;
element.FadeTimeLeft = TimeToFade - element.FadeTimeLeft;

}else{
element.FadeState = element.FadeState ==  2  ? - 1  :  1 ;
element.FadeTimeLeft = TimeToFade;
setTimeout("animateFade(" + new Date().getTime()
+ ",'" + eid + "')",  33 );
}
}

function animateFade(lastTick, eid){ 

var curTick = new Date().getTime();
var elapsedTicks = curTick - lastTick;

var element = document.getElementById(eid);

if(element.FadeTimeLeft <= elapsedTicks){

element.style.opacity = element.FadeState ==  1  ? '1' : '0';
element.style.filter = 'alpha(opacity = '
+ (element.FadeState ==  1  ? '100' : '0') + ')';
element.FadeState = element.FadeState ==  1  ?  2  : - 2 ;

return;
}

element.FadeTimeLeft -= elapsedTicks;
var newOpVal = element.FadeTimeLeft/TimeToFade;
if(element.FadeState ==  1 )
newOpVal =  1  - newOpVal;

element.style.opacity = newOpVal;
element.style.filter =
'alpha(opacity = ' + (newOpVal* 100 ) + ')';

setTimeout("animateFade(" + curTick
+ ",'" + eid + "')",  33 );
}

<script>fade('News');</script>