A: 

This should work, everything in one bind:

 $(".slide a").click(function(){
   $(this).toggleClass("active").parent().siblings().slideToggle("slow");
   return false;
 });

If you could change the html up a bit (no numbering even!), say:

<li><div class="slide"><a href="#">One</a></div><div class="panel"></div></li>

You could have a more precise:

 $(".slide a").click(function(){
  $(this).toggleClass("active").closest("li").find(".panel").slideToggle("slow");
  return false;
 });
Nick Craver