  We consider a Bose-Einstein condensate confined in a ``Mexican hat''
potential, with a quartic minus quadratic radial dependence. We find conditions
under which the ground state is annular in shape, with a hole in the center of
the condensate. Rotation leads to the appearance of stable multiply-quantized
vortices, giving rise to a superfluid flow around the ring. The collective
modes of the system are explored both numerically and analytically using the
Gross-Pitaevskii and hydrodynamic equations. Potential experimental schemes to
detect vorticity are proposed and evaluated, which include measuring the
splitting of collective mode frequencies, observing expansion following release
from the trap, and probing the momentum distribution of the condensate.
