第44行的if错误  if( (imgUrl[i]!="" && (imgLink[i]!="" ) {
应该改为:
  if(imgUrl[i]!="" && imgLink[i]!="") {第69行的插入文字:
if(document.all) document.all.imgText.innerHTML = imgText[adNum];
你没有定义  imgText的地方.
应该在图片下定义该区域
<div id="imgText"></div>
完整代码如下:
--------------------------------------------------------
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML>
<HEAD>
<TITLE> New Document </TITLE>
<META NAME="Generator" CONTENT="EditPlus">
<META NAME="Author" CONTENT="">
<META NAME="Keywords" CONTENT="">
<META NAME="Description" CONTENT="">
</HEAD><BODY>
 <script language=JavaScript>        var imgUrl=new Array();
        var imgLink=new Array();
        var imgText=new Array();
        var adNum=0;
        imgUrl[1]="http://image2.sina.com.cn/ty/nba/U1034P6T116D3F2528DT20050127113456.jpg";
        imgLink[1]="http://sports.sina.com.cn/z/2002-2003NBA/photo/10580/index.shtml";
        imgText[1]='火箭击败黄蜂 姚明再拿两双';
        imgUrl[2]="http://image2.sina.com.cn/ty/nba/U1034P6T116D3F4488DT20050127113659.jpg";
        imgLink[2]="http://sports.sina.com.cn/z/2002-2003NBA/photo/10580/index.shtml";
        imgText[2]='火箭击败黄蜂 麦蒂拿下全场最高';        imgUrl[3]="http://image2.sina.com.cn/ty/nba/U1034P6T116D3F4491DT20050127113823.jpg";
        imgLink[3]="http://sports.sina.com.cn/z/2002-2003NBA/photo/10580/index.shtml";
        imgText[3]='火箭击败黄蜂 姚明下半场爆发';        
        imgUrl[4]="http://image2.sina.com.cn/ty/nba/U1034P6T116D3F4494DT20050127113823.jpg";
        imgLink[4]="http://sports.sina.com.cn/z/2002-2003NBA/photo/10580/index.shtml";
        imgText[4]='火箭击败黄蜂 帕吉特再成奇兵';
        imgUrl[5]="";
        imgLink[5]="";
        imgText[5]='';        var imgPre=new Array();
        var j=0;
        for (i=1;i<=5;i++) {
            if(imgUrl[i]!="" && imgLink[i]!="" ) {
                j++;
            } else {
                break;
            }
        }        function playTran(){
            if (document.all)
                imgInit.filters.revealTrans.play();
        }        var key=0;
        function nextAd(){
            if(adNum<j)adNum++ ;
            else adNum=1;
            
            if( key==0 ){
                key=1;
            } else if (document.all){
                imgInit.filters.revealTrans.Transition=6;
                imgInit.filters.revealTrans.apply();
                playTran();
            }
            document.images.imgInit.src=imgUrl[adNum];
            if(document.all) document.all.imgText.innerHTML = imgText[adNum];
            if(document.getElementById) document.getElementById('imgText').innerHTML = '<a href="javascript:goUrl()" class=title2>' + imgText[adNum] + '</a>';
            theTimer=setTimeout("nextAd()", 6000);
        }
        function goUrl(){
            jumpUrl=imgLink[adNum];
            jumpTarget='_blank';
            if (jumpUrl != ''){
                if (jumpTarget != '') 
                    window.open(jumpUrl,jumpTarget);
                else
                    location.href=jumpUrl;
            }
        }
        </script>
        <a href="javascript:goUrl()"><img style="FILTER: revealTrans(duration=2,transition=20);border:0" src="javascript:nextAd()" width=210 height=210 class=img01 name=imgInit vspace=0></a>
<div id=imgText></div><!-- 动态图结束 -->
</BODY>
</HTML>