Dynamic Frosted Glass Effect

I would like to create a text panel that displays over a background image, and I would like to give this text panel a frosted glass look. That is, the text panel would appear translucent while blurring the image behind it. However, this text panel needs to be able to move around and still maintain the effect - so I can’t just create a static effect in Photoshop and import the image into Flash.

I think this effect is used a lot in Vista but I’m not sure because I’m still running XP. But does anyone know how to acheive this in Flash at runtime? All I can think of right now is to maybe extract the BitmapData which lays directly behind the text panel, create a Bitmap from the BitmapData, blur that Bitmap, then pass this into the text panel…but I have a feeling that will be processor intensive at runtime…and honestly I don’t even know if that would work.