[jQuery] Fading list items in one at a time

[Heath]

Basically what I am trying to do here is fade in all of the list items
of a given unordered list one at a time. Here's what I have so far,
but once I add the setTimeout (so that everything doesn't fade in
instantly) it goes completely fubar. Any suggestions on how I should
'wait' until the item is faded in to fade the next one? Thanks.

$('.masonryWrap li').hide();
var $i = 0;
while ( $i < $('.masonryWrap li').length ) {
        setTimeout(function() {
                $('.masonryWrap li:eq('+$i+')').fadeIn('slow');
        },
        5000);
        $i++;
}