
So, I took a look at C:\Windows\SysWOW64\imageres.dll because I was interested in this as well.
I made a copy of the .dll and opened it in Resource Hacker.
The "Spinning blue Ring" cursor is in the PNG folder. There are then 4 sub-folders with 18 individual PNG images that represent the spinning animations. I am assuming that all 18 images in all 4 sub-folders would have to be swapped out individually to acquire the desired effect.
Too much time and effort for me!![]()

Yeah, I thought you might have just wanted to change the cursors in general.
About as easy as changing the animated glowing Windows logo at bootup, huh.![]()

Hmm, I'll have to check it out. Last time I looked into it couldn't find a way to do it.
http://www.coderforlife.com/projects/win7boot/