Rotating image background in a div using Background Field
It is not a Drupal Module but a very simply jQuery plugin to use.  

http://jquery.malsup.com/cycle/

A snippet of me using it from my javascript:

function handle_header_carousel() {
    if ( jQuery('#header_carousel').get(0) == undefined ) {
        return;
    }
    jQuery('#header_carousel').cycle({ 
        fx:     'fade', 
        speed:   300, 
        timeout: 3000, 
        next:   '#s3', 
        pause:   1 
    });
}


From my template page that houses the images:

&lt;div id="header_carousel"&gt;
            &lt;img src="/&lt;?php echo drupal_get_path("theme", "tcth"); ?&gt;/img/carousel_1.jpg" /&gt;
            &lt;img src="/&lt;?php echo drupal_get_path("theme", "tcth"); ?&gt;/img/carousel_2.jpg" /&gt;
            &lt;img src="/&lt;?php echo drupal_get_path("theme", "tcth"); ?&gt;/img/carousel_3.jpg" /&gt;
            &lt;img src="/&lt;?php echo drupal_get_path("theme", "tcth"); ?&gt;/img/carousel_4.jpg" /&gt;
        &lt;/div&gt;