Got it working... here is what i did.
1. Enabled Jquery on the template
2. Downloaded JQuery.Tools.min from www.flowplayer.org
3. I used the tab feature that it includes.
4. Load 2 Newsview control on the page, both pointing to my "Featured News Category"
5. Created 2 customized NewsView templates
6. One customized control only showed the thumbnails
7. the other showed the large image and the headline and summary