Works like a charm in IE5. I also looked at it in Netscape 4 (which you did not indicate any testing for). In NS4 the preloader loops infinitely, piling up errors on each loop until the browser shuts down. Maybe it needs a browser detect routine with an if else preloader in browser specific lingo. If I have time later today, I'll see if I can come up with something. (But I'm really excited at the prospect that Bob might be able to add the if frame loaded feature in the near future, making all of this unnecessary.)
Yes, I knew that it wouldn't work in NS. NS has a different DOM and you would have to write a cross browser script. That is why I set the variable NAME and Percent. I did that so a Cross browser script would be easier to finish.