Please find attached a quick and dirty solution using ListView.
Its goal is just to show that it could be done with LW alone, but as Erel pointed out the CustomListView is much more powerful.
Edit: added another example where, at each click on the list, the last item becomes the first one.
For some reason, if you set the background color on the Designer, it will only render at the default 50dip. If you uncheck the color box under Drawable and use Default, then it will work.
Ok, I have a fix for this. In the CustomListView.bas file, go to line 139 and remove the p.Background = sd. Then go to line 171 and replace the p.background = sd between the End If and sv.Panel.Height lines. Now the CustomListView drawable properties in the Designer will work properly.