Use the setInterval function.
Working example: http://jsfiddle.net/a0c0ntjc/
setInterval(function(){
var E=document.getElementsByClassName("item");
var m=E.length;
var n=parseInt(Math.random()*m);for(var i=m-1;i>=0;i--){
var e=E[i];e.style.display='none';
}
E[n].style.display='';
},3000);