Check the docs for UIImageView - there's an animationImages property that should run the whole animation for you, without needing a timer.
However, you may still run into memory problems on the device. Uncompressed, we're talking about 100 * 320 * 240 * 4 bytes = about 29 MB of memory for your images. That's too much for your program to use.
You'll probably have to create a movie file to get what you want.
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