[jQuery] Translate script [prototype to jquery]

[Marcelo Barros]

Hello people,

I'm new in this group [and also beginner as a translation of scripts]
and already i have a doubt. How to "translate" this prototype code for
jQuery?:

$(document).observe('dom:loaded', function(){

 // Select all textboxes and assign them to an array
 var textboxes = $$('form.awesome input.input-text');

 // Iterate through all textboxes in the form
 textboxes.each(function(input, index){

   var label = input.previous();

   // TimedObserver to check for autocomplete
   if (index == 0){
     new Form.Observer(input.up('form'), 0.1, function(form, value) {
       textboxes.each(function(inputX){
         if (!inputX.value.empty()) {
           inputX.previous().addClassName('hastext');
         }
       });
     });
   }

   // Fade the label back when a field gains focus
   input.onfocus = function(){
     if (input.value.empty()){
       label.addClassName('focus');
     }
   }

   // Check if a field is empty when the user switches out
   input.onblur = function(){
     if (input.value.empty()){
       label.removeClassName('focus').removeClassName
('hastext');
     }
   }

   // Fade the label back if a field has text
   if (!input.value.empty()) {
     label.addClassName('hastext');
   }

   // Fade the label back when the user starts to type
   input.onkeypress = function(){
     label.addClassName('hastext');
   };
 });
});

This code creates the effect that can be seen on the login form at:
http://me.com

Please tell me that the powerful jQuery can do this same effect!

-- 
Marcelo Barros
http://mbarros.net
http://twitter.com/mbarros