[monolithed]

Допустим так, хотя я бы все по иному переделал:

<script type="text/javascript">
document.onmouseover = function(event) {
    var event = event || window.event
    var target = event.target || event.srcElement; 
    if (target.className.indexOf("fade") > -1) {
        var linkName = target.id;
        fadein(linkName);
   }
};

document.onmouseout = function(event) {
    var event = event || window.event
    var target = event.target || event.srcElement;
  if (target.className.indexOf("fade") > -1) {
        var linkName = target.id;
        fadeout(linkName);
      }
};

function makearray(n) {
    this.length = n;
    for(var i = 1; i <= n; i++) {
        this[i] = 0;
	}
    return this;
}

hexa = new makearray(16);
for(var i = 0; i < 10; i++){
    hexa[i] = i;
	hexa[10]="a"; hexa[11]="b"; hexa[12]="c";
	hexa[13]="d"; hexa[14]="e"; hexa[15]="f";
}

function hex(i) {
    if (i < 0) {
        return "00";
	}
    else if (i > 255) {
        return "ff";
	}
    else {
       return "" + hexa[Math.floor(i/16)] + hexa[i%16];
	}
}

function setbgColor(r, g, b, element) {
      var hr = hex(r); var hg = hex(g); var hb = hex(b);
      element.style.color = "#"+hr+hg+hb;
}

function fade(sr, sg, sb, er, eg, eb, step, direction, element){
    for(var i = 0; i <= step; i++) {
setTimeout("setbgColor(Math.floor(" +sr+ " *(( " +step+ " - " +i+ " )/ " +step+ " ) + " +er+ " * (" +i+ "/" +step+ ")),Math.floor(" +sg+ " * (( " +step+ " - " +i+ " )/ " +step+ " ) + " +eg+ " * (" +i+ "/" +step+ ")),Math.floor(" +sb+ " * ((" +step+ "-" +i+ ")/" +step+ ") + " +eb+ " * (" +i+ "/" +step+ ")),"+element+");",i*step);
    }
}

function fadeout(element) {
    fade(70,130,180, 200,200,200, 30, 1, element);
}

function fadein(element) {
    fade(200,200,200, 70,130,180, 23, 1, element);
}
</script>

<a href="crem-plast.html" id="fading_link_5" class="fade">&nbsp crem-plast</a>