Not an especially better way to do so, but a different way:
// create a new script element
var elem = document.createElement("script");
elem.type = "text/javascript";
elem.innerHTML = a[0];
// add it to the document body so it gets executed
document.getElementsByTagName("body")[0].appendChild(elem);
However, if you can choose to have a different data structure to start with and have functions instead of their source code, it becomes much easier and cleaner:
var a = [
function() { $('div').hide(); },
function() { $('span').show(); }
function() { $('p').fadeIn(100); }];
// invokation is clean
a[0]();
new Function(a[0])()works for you!!! - (it is the same as using eval :()evalby another name.!!!