If you want to apply animations on MouseOver on the RadCoverFlowItem you could try to create custom Style for RadCoverFlowItem and set it as ItemContainerStyle. In the Style you could set control Template that will have a Storyboard in its MouseOver visual state.
If you have Expression Blend this can be achieved easily. If you do not - I am attaching the CoverFlow's Styles so you can modify the mouse over of the RadCoverFlowItems.
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