You could probably create something similar in Xara's Animation window and export it as Flash.
I think in reality the menu options would need to be separate named objects and be individual named slices.
Attached is a quick and dirty attempt and my files.
In the Menu.xar file (which will open in Web Designer) you need to select the placeholder rectangle and in the Website Properties > Placeholder, use the Replace with Flash option to select the .swf file.
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