You can add each thumbnail to the carouser and add each thumbnail a link to: a larg image, external URL or even a java script.
You also have a lot of preferences to customize and determin how the carousel will look or behave.
The flash file is a free file from flshow.
The plugin was written by Amir and you can see a life demonstration here: Fake magazine cover (scroll down)
The download page: Carousel 1.02.zip