No such thing as web 2.0 graphics to be honest. Photoshop for still images, Flash for animations, and After Effects for movies. It all depends on how you use the graphics.
For example:
<test>
<name>Test Stuff</name>
<graphic>../images/test.png</graphic>
<desc>This is a test image</desc>
</test>
<test>
<name>Test2</test>
<graphic>../images/graphic2.png</graphic>
<desc>Another test</desc>
</test>
The calls are fairly simple, put a placeholder image in the document, then link the placeholder to the <graphic>. More or less. Once an item is selected, the graphic will change.
edit: of course, you can do javascript effects, server-side effects, or whatever, but that just adds load times on the website, and uses more processor power for the server.