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Using this thoroughly explained, detailed flash lesson, I will explain to you how to create twisty text effect using the adobe after effects and flash. You don't have to use action script code to make this lesson. This effect can be use for some simple text banner or for some presentation.
Create a new after effects composition. Set the Width of Your composition to 300 and Height to 200 px. For Preset set Custom, for Pixel Aspect Ratio set Square Pixels and set the Frame Rate to 38 fps.
Select the Horizontal Type Tool (Ctrl+T) and type any text on the Stage.
Choose Window > Effects&Presets (Ctrl+5).
In the Effects&Presets Panel choose Animation Presets > Text > Miscellaneous > Twisty Ribbons 2. See the picture below!
Using the Selection Tool (V) and drag and drop technique, move the Twisty Ribbons 2 effect from Effects&Presets panel on the text on the stage.
Go now to the Timeline and reduce the length of the film to the length of the animation.
After that, choose Composition > Trim Comp To Work Area.
Choose now File > Export > Adobe Flash (Swf).
Create a new flash document. Set the Width of Your document to 300 and Height to 200 px. Set any color as background color and set the Frame Rate to 38 fps.
Create a new Movie Clip (Ctrl+F8) and name it TwistyEffect_mc.
Call the current layer twisty text.
Choose now File > Import > Import to Stage (Ctrl+R) and Import a swf file that we just made in After Effects.
Click now on frame 110 and hit F5 key.
Go back on the main stage (Scene 1). After that, drag the Text Movie Clip from the Flash Library on the Flash Stage using the Selection Tool (V) and drag and drop technique.
Click now on frame 30,80 and 110 and hit F6 key.
Select the first frame and go to the Properties Panel (Ctrl+F3). After that, make the adjustments as follows:
Do this also for frame 80.
Right-click anywhere on the gray area between frame 1 and 30 and frame 80 and 110 on the timeline and choose Create Motion Tween from the menu that appears.