[danik.js]

<style>
li{position:relative}
</style>
<button>Удалить</button>
<ul>
 <li>1</li>
 <li>2</li>
 <li>3</li>
</ul>
<script src="http://code.jquery.com/jquery-latest.min.js"></script>
<script>
    $('button').click(function() {
        var $list = $('ul');
        var removeChained = function() {
            $list.children().last().animate({
                opacity: 0,
                top: 20
            }, 400, function() {
                $(this).remove();
                removeChained();
            });
        };
        removeChained();
    });
</script>