How do I make a menu like this?

I made a post about this some time ago, but it got no responses because I think I was incorrectly describing the problem.

I'm trying to make a selection menu more or less exactly like the one in the Mega Man games:

There needs to be a cursor object, and text objects for each ability. On down/up pressed it moves the position of the cursor, when the cursor is over that text object, it changes the ability variable of the player.

I had this working myself in basic form for two abilities because the only directions were up and down. I set on Up pressed set cursor position on top of text object 1, Down pressed to text object 2. Now that I have more than 3 abilities, I am completely lost at where to go. I need help because I still haven't found a comprehensive menu tutorial that accomplishes what I'm attempting. I would really appreciate the help.

Here you go, added some extra features like pressing down when on last item you go to top item. I've tried to make it as generic as possible so you just have to add things to the array and it will work.

[attachment=1:27l875a2][/attachment:27l875a2]

Thanks a bunch! Although I didn't use your example exactly, it taught me what I needed to know about array systems to accomplish just what I needed.