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For example (using the text below) when the user hovers over link 1 - 4 then the hover effect appears where it says "Put rollover text here"
link 1
link 2
link 3
link 4
Put rollover text here
Let me know if this isn't making any sense and I'll try to explain it better.
You'd just assign your onmouseover/out events to a JS function that set the display type of this div to hidden/block/inline, or use innerHTML to change it's contents.
You can assign onmouseover/out to most elements, img's, a's, div's, p's, whatever.