Dynamic content is everywhere on the net - you only have to look at online news sites.
What you are describing is a display of archives (paginated).
The way for this to work best for SEO purposes is to ensure that each "item" that you are referring to lives on it's own URL, and then that item is referenced (linked to via the headline and showing the content), either in whole, or as an excerpt, in the archives.
That way, search engines and visitors alike can always access that particular piece of content at anytime (linked, bookmarked, etc), but you can still display your content in a fresh-to-old fashion.
Your next consideration is whether you want the paginated pages themselves to be indexed after page 1 (I would suggest not), so you'd control any page beyond page 1 with a meta robots element with "noindex,follow" instruction. Be sure not to do this to your main page. This will tell the bots not to include page 59 etc to be included in their index, but to follow the links on that page to the individual posts/items/entries/articles what-have-you.
Ensure each item is either tagged or categorized, and include links to those tagged/categories, as well as date archives and other interlinking methods (top 10 read etc).
Hope that helps.