Complex fade effect in blender

I’m trying to achieve a certain graphical effect within blender. It’s actually simple but it’s proving difficult. I have three objects, all uv mapped, and I want to fade one out while the second fades in it’s place. Then the second fades out while the third fades in. Lastly the third fades out while the first fades in again. Then it’ll loop.

I’ve tried using object color. But it doesn’t appear to be showing the uv map while it’s doing that. Second, there appears to be some kind of culling while two objects fade in/out at the same time since they’re at the same place. Anyone know how to achieve this?

Another thing I noticed, oddly it shows the uv map while in the editor during the action, but when I press p it doesn’t…

I could be wrong but looks like material actions doesn’t support transparency for the Blender game engine. So you should use animated textures with alpha and loop enabled instead.

Fading and Transparency for all Shading modes