master.xml

<data>
	<homepage-slideshow>
		<entry>
			<slide-image>a.png</slide-image>
		</entry>
		<entry>
			<slide-image>b.png</slide-image>
		</entry>
		<entry>
			<slide-image>c.png</slide-image>
		</entry>
	</homepage-slideshow>
</data>

master.xsl

<?xml version="1.0" encoding="UTF-8"?>
<xsl:stylesheet version="1.0" xmlns:xsl="http://www.w3.org/1999/XSL/Transform">
	<xsl:output omit-xml-declaration="yes" indent="yes" />

  	<xsl:template match="/">
		<xsl:apply-templates select="data/homepage-slideshow" />
	</xsl:template>

	<xsl:template match="homepage-slideshow">
		<ul>
			<xsl:apply-templates select="entry" />
		</ul>
	</xsl:template>

	<xsl:template match="homepage-slideshow/entry">
		<li>
			<img src="{slide-image}" alt="" />
		</li>
	</xsl:template>
</xsl:stylesheet>