“The Effector is a Flash Actionscript 2.0 class which allows you to create and set effects on TextFields and MovieClips. The possibility to set effects on a given text field exists only if it’s dynamic type. The posibility to set effects on MovieClips is not avaliable for now as this is still work in progress.”
Check the full preview Flash file
and
homepage of the ongoing project with guides on how to use it
Pretty nice class, if you find it usefull or have comments & critiques please contact Mirko Fisic the author of effects.
