TMS 패키지에 TAdvSmoothSplashScreen이라는 컴포넌트가 있습니다.
그리고 TGDIPPictureContainer에는 사용할 이미지를 넣어두고 TAdvSmoothSplashScreen에 PictureContainer를 설정하시면 됩니다.

아래는 제가 사용했던 소스입니다.
저도 한 지가 오래라 다시 보니 좀 헷갈리긴 하지만 어느 정도 이해하실 거라 생각되네요.
Fade In과 Out은 자동으로 해주고 TSplashListItem의 html 값만 바꿔 주면 됩니다.
SetupSplashItem Procedure에서 기본 위치 값을 설정했습니다.
TMS 버전은 5.2입니다.
소스는 환경이 맞지 않아 컴파일 되지 않을 것 같아 실행 파일 첨부합니다.
동작하는 것 보시면 적응 가능한지 여부를 판단하실 수 있을 것 같네요.

unit ufMain;

interface

uses
  Windows, Messages, SysUtils, Variants, Classes, Graphics, Controls, Forms,
  Dialogs, AdvSmoothSplashScreen, GDIPPictureContainer, ImgList, ExtCtrls, jpeg,
  ZipMstr;

type
  TForm1 = class(TForm)
    AdvSmoothSplashScreen1: TAdvSmoothSplashScreen;
    GDIPPictureContainer1: TGDIPPictureContainer;
    Timer1: TTimer;
    ZipMaster1: TZipMaster;
    procedure FormCreate(Sender: TObject);
    procedure Timer1Timer(Sender: TObject);
  private
    { Private declarations }
    procedure UpdateProgress(Progress: Double);
    procedure AddSplashItem(Html: String);
    procedure CopyProgramFiles(TargetDir: String);
    procedure RemoveProgramFiles(Dir: String);
    procedure StartSplashScreen;
  public
    { Public declarations }
    procedure SetupSplashItem;
    procedure FinishSplashScreen;
  end;

var
  Form1: TForm1;

procedure LaunchFalshFile;

implementation

{$R *.dfm}

uses
  StrUtils, Registry, ShellAPI, SysConst, uSetupFunctions, DateUtils, uVista;

const
  RequiredDlls: Array[0..2] of String = ('snucat01.dll', 'vb6ko.dll', 'WINSKKO.DLL');
  RegisteredFiles: Array[0..7] of String = (
      'AudioCtl.dll', 'btn32a20.ocx',
      'ctlTextBox.ocx', 'eslsmmo.ocx',
      'Mswinsck.ocx', 'richtx32.ocx',
      'SYSINFO.OCX', 'THREED32.OCX'
    );
  ProgramSetupPath = 'c:\program files\swcd';

var
  ProgressStep: Double;

function MakeDirectory(Dir: String): Boolean;
var
  sa: SECURITY_ATTRIBUTES;
  sd: SECURITY_DESCRIPTOR;
begin
  InitializeSecurityDescriptor(@sd, SECURITY_DESCRIPTOR_REVISION);
  SetSecurityDescriptorDacl(@sd, TRUE, nil, FALSE);
  SetSecurityDescriptorGroup(@sd, nil, FALSE );
  SetSecurityDescriptorSacl(@sd, FALSE, nil, FALSE );
  sa.nLength:= sizeof(SECURITY_ATTRIBUTES);
  sa.lpSecurityDescriptor:= @sd;
  sa.bInheritHandle:= TRUE;
  Result:= CreateDirectory(PChar(Dir), @sa);
end;

function ForceDirs(Dir: string): Boolean;
var
  E: EInOutError;
begin
  Result := True;
  if Dir = '' then
  begin
    E := EInOutError.CreateRes(@SCannotCreateDir);
    E.ErrorCode := 3;
    raise E;
  end;

  Dir := ExcludeTrailingPathDelimiter(Dir);
  if (Length(Dir) < 3) or DirectoryExists(Dir)
    or (ExtractFilePath(Dir) = Dir) then Exit; // avoid 'xyz:\' problem.

  Result := ForceDirs(ExtractFilePath(Dir)) and MakeDirectory(Dir);
end;

procedure TForm1.SetupSplashItem;
begin
  AdvSmoothSplashScreen1.BasicProgramInfo.CopyRight := WideChar($00A9) +' 2009 by Korea Toeic Committee';
  AdvSmoothSplashScreen1.BasicProgramInfo.CopyRightLocation := ilCustom;
  AdvSmoothSplashScreen1.BasicProgramInfo.CopyRightPosY := 500;
  AdvSmoothSplashScreen1.BasicProgramInfo.CopyRightPosX := 890;

  AdvSmoothSplashScreen1.ListItemsSettings.Rect.Left := 400;
  AdvSmoothSplashScreen1.ListItemsSettings.Rect.Top := 300;
  AdvSmoothSplashScreen1.ListItemsSettings.Rect.Height := 50;
  AdvSmoothSplashScreen1.ListItemsSettings.Rect.Width:= 800;

  AdvSmoothSplashScreen1.Show;
  AdvSmoothSplashScreen1.BeginUpdate;

  AdvSmoothSplashScreen1.BasicProgramInfo.ProgramName.Text:= Caption;
  AdvSmoothSplashScreen1.BasicProgramInfo.ProgramName.PosY := 230;
  AdvSmoothSplashScreen1.BasicProgramInfo.ProgramName.PosX := 750;
  AdvSmoothSplashScreen1.BasicProgramInfo.ProgramVersion.Text := 'Realeased: 2009.08';//'Version: ' + GetAppVersion;
  AdvSmoothSplashScreen1.BasicProgramInfo.ProgramVersion.Location := ilCustom;
  AdvSmoothSplashScreen1.BasicProgramInfo.ProgramVersion.PosY := 270;
  AdvSmoothSplashScreen1.BasicProgramInfo.ProgramVersion.PosX := 1050;
  AdvSmoothSplashScreen1.ProgressBar.Maximum:= 300;

  AdvSmoothSplashScreen1.EndUpdate;
end;

procedure TForm1.FormCreate(Sender: TObject);
begin
  SetupSplashItem;
  StartSplashScreen;
end;

procedure TForm1.UpdateProgress(Progress: Double);
begin
  AdvSmoothSplashScreen1.ProgressBar.Position:= AdvSmoothSplashScreen1.ProgressBar.Position + Progress;
end;

procedure LaunchFalshFile;
begin
  if ProgramUninstall then
  begin
    //ShellExecute(0, 'OPEN', 'cmd', 'rmdir /s /q "C:\Program Files\swcd"', nil, SW_HIDE);
    Exit;
  end;
  if Not IsProcessRunning('toeic.exe') then
  begin
    //if Not FindToeicSpeakingCDKey then
    //  MessageDlg('TOEIC Speaking 1회 정기시험 기출문제 테스트를 진행 하시려면 CD를 삽입하셔야 합니다.', mtInformation, [mbOk], 0);
    //if IsWindowsVista then
    //  RunAsAdmin(Application.Handle, ProgramSetupPath + '\toeic.exe', ProgramSetupPath, '')
      //ShellExecute(0, 'RUNAS', PChar(ProgramSetupPath + '\toeic.exe'), nil, PChar(ProgramSetupPath), SW_SHOWNORMAL)
    //else
      ShellExecute(0, 'OPEN', PChar(ProgramSetupPath + '\toeic.exe'), nil, PChar(ProgramSetupPath), SW_SHOWNORMAL);
  end else
    ShowFindWindow(FindWindow('ShockwaveFlash', nil));
end;

procedure GetFileCount(var FileCount: Integer; var DirCount: Integer; Dir: String;
    const SubDir: Boolean = True; const FileExt: String = '*');
var
  sr: TSearchRec;
  fi: Integer;
begin
  Dir:= IncludeTrailingPathDelimiter(Dir);
  if SubDir then
    fi:= FindFirst(Dir + FileExt, faAnyFile, sr)
  else
    fi:= FindFirst(Dir + FileExt, faArchive, sr);

  while fi = 0 do
  begin
    if sr.Attr and faDirectory = faDirectory then
    begin
      if Not SubDir or SameText(sr.Name, '.') or SameText(sr.Name, '..') then
      begin
        fi:= FindNext(sr);
        Continue;
      end;
      inc(DirCount);
      if SubDir then
        GetFileCount(FileCount, DirCount, Dir + sr.Name, SubDir, FileExt);
    end else
      inc(FileCount);

    fi:= FindNext(sr);
  end;
  FindClose(sr);
end;

function ZipFileCompare(ZipMaster: TZipMaster; ZipFile, LocalFile: String): Boolean;
var
  sr: TSearchRec;
  LocalTime, LocalSize: Integer;
  i: Integer;
  ze: pZipDirEntry;
  SrcDateTime, LocalDateTime: TDateTime;
  year, month, day, hour, min, sec, msec: Word;
begin
  Result:= False;
  if Not FileExists(LocalFile) then
  begin
    Result:= True;
    Exit;
  end;

  ze:= nil;
  for i:= 0 to ZipMaster.Count -1 do
    with ZipDirEntry(ZipMaster.ZipContents[i]^) do
      if SameText(ZipFile, FileName) then
      begin
        ze:= ZipMaster.ZipContents[i];
        Break;
      end;

  if Not Assigned(ze) then
    Exit;

  LocalTime:= -1;
  LocalSize:= 0;
  if FindFirst(LocalFile, faArchive or faHidden, sr) = 0 then
  begin
    LocalSize:= sr.Size;
    LocalTime:= sr.Time;
  end;

  if LocalTime = -1 then
  begin
    Result:= True;
    Exit;
  end;
  FindClose(sr);

  SrcDateTime:= FileDateToDateTime(ze^.DateTime);
  LocalDateTime:= FileDateToDateTime(LocalTime);
  DecodeDateTime(SrcDateTime, year, month, day, hour, min, sec, msec);
  SrcDateTime:= EncodeDateTime(year, month, day, hour, min, sec, 0);

  DecodeDateTime(LocalDateTime, year, month, day, hour, min, sec, msec);
  LocalDateTime:= EncodeDateTime(year, month, day, hour, min, sec, 0);

  //분까지 비교
  if ze^.DateTime = LocalTime then
    Result:= ze^.UncompressedSize <> LocalSize
  else
    Result:= ze^.DateTime > LocalTime;
end;

procedure ZipStreamToFile(ZipMaster: TZipMaster; ZipFile, SaveFile: String; const RaiseError: Boolean = False);
var
  zs: TZipStream;
begin
  zs:= ZipMaster.ExtractFileToStream(ZipFile);
//  if zs.Size > 0 then
  try
    zs.SaveToFile(SaveFile);
    zs.Clear;
  except
    on E: Exception do
    begin
      zs.Clear;
      if RaiseError then
        Raise Exception.Create(E.Message);
    end;
  end;
end;

procedure TForm1.Timer1Timer(Sender: TObject);
begin
  if Assigned(Sender) then
    TTimer(Timer1).Enabled:= False;
  WriteAppVersion;
  Close;
end;

procedure TForm1.AddSplashItem(Html: String);
var
  SplashItem: TSplashListItem;
begin
  with AdvSmoothSplashScreen1 do
  begin
    if ListItems.Count = 0 then
      SplashItem:= ListItems.Add
    else
      SplashItem:= ListItems.Items[0];
    with SplashItem do
    begin
      BeginUpdate;
      HTMLText := Html;
      EndUpdate;
    end;
  end;
  Application.ProcessMessages;
  //AdvSmoothSplashScreen1.Hide;
end;

procedure TForm1.CopyProgramFiles(TargetDir: String);
var
  i, lc: Integer;
  OnlyFileName, DestDir, TargetFile: String;
begin
  TargetDir:= IncludeTrailingPathDelimiter(TargetDir);
  for i:= 0 to ZipMaster1.Count -1 do
  begin
    with ZipDirEntry(ZipMaster1.ZipContents[i]^) do
    begin
      OnlyFileName:= ExtractFileName(FileName);
      DestDir:= TargetDir + ExtractFilePath(FileName);
      TargetFile:= DestDir + OnlyFileName;
      if Not DirectoryExists(DestDir) then
      begin
        AddSplashItem(Format('create directory %s ...<
', [DestDir]));
        if Not ForceDirs(DestDir) then
          Raise Exception.Create(Format('%s 폴더 생성 실패', [DestDir]));
      end;
      AddSplashItem(Format('checking %s ...<
', [OnlyFileName]));

      if FileExists(TargetFile) and SameText(ExtractFileExt(OnlyFileName), '.exe') and IsProcessRunning(OnlyFileName) then
      begin
        lc:= 0;
        AddSplashItem(Format('terminate process %s ...<
', [OnlyFileName]));
        while IsProcessRunning(OnlyFileName) do
        begin
          KillTask(OnlyFileName);
          Sleep(10);
          Application.ProcessMessages;
          inc(lc);
          if lc > 1000 then
            Break;
        end;
      end;

      if Not FileExists(TargetFile) or ZipFileCompare(ZipMaster1, FileName, TargetFile) then
      begin
        AddSplashItem(Format('copying %s ...<
', [OnlyFileName]));
        ZipStreamToFile(ZipMaster1, FileName, TargetFile);
      end;
    end;
    UpdateProgress(ProgressStep);
  end;
  if Not FileExists(TargetFile) or IsNewFile(Application.ExeName, TargetDir + ExtractFileName(Application.ExeName)) then
  begin
    AddSplashItem(Format('copying %s ...<
', [ExtractFileName(Application.ExeName)]));
    CopyFile(PChar(Application.ExeName), PChar(TargetDir + ExtractFileName(Application.ExeName)), False)
  end;
end;

procedure TForm1.RemoveProgramFiles(Dir: String);
var
  fi, lc: Integer;
  FileName: String;
  sr: TSearchRec;
begin
  Dir:= IncludeTrailingPathDelimiter(Dir);
  fi:= FindFirst(Dir + '*', faAnyFile, sr);
  while fi = 0 do
  begin
    if sr.Attr and faDirectory = faDirectory then
    begin
      if SameText(sr.Name, '.') or SameText(sr.Name, '..') then
      begin
        fi:= FindNext(sr);
        Continue;
      end;
      RemoveProgramFiles(Dir + sr.Name);
      AddSplashItem(Format('remove program directory %s ...<
', [sr.Name]));
      DeleteDirectory(Dir + sr.Name);
    end else
    begin
      FileName:= Dir + sr.Name;
      if Not SameText(FileName, Application.ExeName) then
      begin
        if SameText(ExtractFileExt(sr.Name), '.exe') and IsProcessRunning(sr.Name) then
        begin
          AddSplashItem(Format('terminate process %s ...<
', [sr.Name]));
          lc:= 0;
          while IsProcessRunning(sr.Name) do
          begin
            KillTask(sr.Name);
            Sleep(10);
            Application.ProcessMessages;
            inc(lc);
            if lc > 1000 then
              Break;
          end;
        end;
        AddSplashItem(Format('deleting %s ...<
', [sr.Name]));
        DeleteFile(PChar(FileName));
      end;
    end;
    fi:= FindNext(sr);
    UpdateProgress(ProgressStep);
  end;
  FindClose(sr);
end;

procedure TForm1.StartSplashScreen;
var
  i, SetupCount, FileCount, DirCount: integer;
  DestFile: String;
  zs: TZipStream;
begin
  FileCount:= 0;
  DirCount:= 0;

  if ProgramUninstall or (Not DirectLaunch and FileExists(AppDirectory + 'system files.zip')) then
  begin
    if FileExists(AppDirectory + 'system files.zip') then
      ZipMaster1.ZipFileName:= AppDirectory + 'system files.zip';

    FileCount:= (High(RequiredDlls) + High(RegisteredFiles) + 2);
    ProgressStep:= 33 / FileCount;
    for i:= 0 to High(RequiredDlls) do
    begin
      AddSplashItem('checking system files ...<
');
      //AddSplashItem(Format('checking %s...<
', [RequiredDlls[i]]));
      DestFile:= SystemPath + RequiredDlls[i];

      if ProgramUninstall then
      begin
        if FileExists(DestFile) then
        begin
          AddSplashItem(Format('deleting %s ...<
', [RequiredDlls[i]]));
          DeleteFile(PChar(DestFile));
        end;
      end else if Not ProgramInstalled then
      begin
        AddSplashItem(Format('checking %s ...<
', [RequiredDlls[i]]));
        if Not FileExists(DestFile) or ZipFileCompare(ZipMaster1, RequiredDlls[i], DestFile) then
        begin
          AddSplashItem(Format('copying %s ...<
', [RequiredDlls[i]]));
          ZipStreamToFile(ZipMaster1, RequiredDlls[i], DestFile);
        end;
      end;
      UpdateProgress(ProgressStep);
    end;

    for i:= 0 to High(RegisteredFiles) do
    begin
      DestFile:= SystemPath + RegisteredFiles[i];

      AddSplashItem('checking registered files ...<
');
      if ProgramUninstall then
      begin
        if CheckRegisteredFile(DestFile) then
        begin
          AddSplashItem(Format('unregistering %s ...<
', [RegisteredFiles[i]]));
          RegisterOCX(RegisteredFiles[i], ProgramUninstall);
        end;
        AddSplashItem(Format('deleting %s ...<
', [RegisteredFiles[i]]));
        DeleteFile(PChar(DestFile));
      end else if Not ProgramInstalled then
      begin
        if Not FileExists(DestFile) or ZipFileCompare(ZipMaster1, RegisteredFiles[i], DestFile) then
        begin
          AddSplashItem(Format('copying %s ...<
', [RegisteredFiles[i]]));
          ZipStreamToFile(ZipMaster1, RegisteredFiles[i], DestFile);
        end;
        if Not CheckRegisteredFile(DestFile) then
        begin
          AddSplashItem(Format('registering %s ...<
', [RegisteredFiles[i]]));
          RegisterOCX(RegisteredFiles[i]);
        end;
      end;
      UpdateProgress(ProgressStep);
    end;

    FileCount:= 0;
    AdvSmoothSplashScreen1.ProgressBar.Position:= 33;

    if ProgramUninstall then
    begin
      GetFileCount(FileCount, DirCount, ProgramSetupPath, True);
      ProgressStep:= 33 / (FileCount + DirCount);

      RemoveProgramFiles(ProgramSetupPath)
    end else if DirectoryExists(SetupFilePath) or Not ProgramInstalled then
    begin
      if FileExists(AppDirectory + 'setup files.zip') then
      begin
        ZipMaster1.ZipFileName:= AppDirectory + 'setup files.zip';
        ProgressStep:= 33 / (ZipMaster1.Count + 1);
        CopyProgramFiles(ProgramSetupPath);
      end;

      if FileExists(AppDirectory + 'SysSetup.exe') then
      begin
        AddSplashItem('Registering TOEIC Speaking CD Program group ...<
');
        ExecAndWait(AppDirectory + 'SysSetup.exe', '/sp- /silent /norestart /' + ExtractFileName(Application.ExeName));
      end;
      UpdateProgress(ProgressStep);
    end;

  end;

  FinishSplashScreen;
end;

procedure TForm1.FinishSplashScreen;
begin
  AdvSmoothSplashScreen1.ProgressBar.Position:= 66;
  ProgressStep:= 2;

  if ProgramUninstall then
    AddSplashItem('TOEIC Speaking CD Program uninstall finishied ...<
')
  else
    AddSplashItem('Launching TOEIC Speaking CD Program ...<
');

  while AdvSmoothSplashScreen1.ProgressBar.Position <= 100 do
  begin
    if not ProgramUninstall then
      Sleep(5);
    UpdateProgress(ProgressStep);
  end;

  LaunchFalshFile;

  Timer1.Enabled:= True;
end;

end.