Marshall has six different wait cursor graphic replacements in .cab format at his website,
MarshallSkins, including the popular HTC Touch style and a Vista style.
I haven't tried the Vista or other four cursors, but the HTC one works well; just install and reboot. They can all be found on his
download page. Scroll down and expand 'Marshall WaitCursor Skin - Vista' for your choice of language for WM5 or multilanguage for WM6.