Wait Until Image Loads Before Performing Function?

I'm trying to create a simple portfolio page. I have a list of thumbs and an image. When you click on a thumb, the image will change.

When a thumbnail is clicked, I'd like to have the image fade out, wait until the image is loaded, then fade back in. The problem I have right now is that some of the images are pretty big, so it fades out, then fades back in immediately, sometimes while the image is still loading.

I'd like to avoid using setTimeout, since sometimes an image will load faster or slower than the time I set.

Here's my code:

$(function() {
$('img#image').attr("src", $('ul#thumbs li:first img').attr("src"));
$('ul#thumbs li img').click(function() {
$('img#image').fadeOut(700);

[Code].....