For an element around a centre at (x, y), distance r, the element's centre should be positioned at:
(x + r cos(2kπ/n), y + r sin(2kπ/n))
where n is the number of elements, and k is the "number" of the element you're currently positioning (between 1 and n inclusive).
I've combined ThiefMaster's fiddle with the jQuery pointAt plugin:
the code is somewhat like above. might be interesting to some of you.