Animated texture with transparency?

I want to make a colored semitransparent ring move down the outside of an invisible cylinder. I assume the best way to do this is with animated textures, given that the cylinder will be rotating and moving laterally in the game I am trying to make. How do I do this?
EDIT: I’m using 2.49

you could animate the offset, and there’s an animate UV script for the game engine. I am not sure what versions it is compatible with though.

It’s simpler than that, I’m just not sure if it’s possible in 2.49 (WHY YOU NOT USE 2.5!?1?!?!?!)
You can use the colour ramp to add your coloured ring, then just animate the position of each controller