Fade Out Sound

Greetings,
I am trying to fade out sound automatically after a few seconds. Currently, there is a mute and unmute button that controls the sound. Once the .swf starts, the sound begins automatically and will only stop when the user clicks on the ‘Mute Sound’ button and will begin again if the ‘Unmute Sound’ button is pressed. The code as it stands right now is below. I left the button controls/function in to give some context to help illustrate the current operation.

I’d like the sound to continue to start automatically but to fade out on its own after a few seconds while the MC continues looping. I should be able to setup a timer but I’ve never implemented a timer to control sound before. Then of course there’s the issue of controlling the sound itself. If anyone can give some input I’d really appreciate it. Sound in AS3 and Flash is a new thing for me. ;(

var ambFlag:Boolean = false;

muteAudioBtn.muteAudioBtnText.text = "MUTE AUDIO";

muteAudioBtn.alpha = 0.3;
muteAudioBtn.buttonMode = true;
muteAudioBtn.muteAudioBtnHit.buttonMode = true;
muteAudioBtn.addEventListener(MouseEvent.MOUSE_OVER, onMuteBtn);
muteAudioBtn.addEventListener(MouseEvent.MOUSE_OUT, onMuteBtn);
muteAudioBtn.addEventListener(MouseEvent.MOUSE_UP, onMuteBtn);

// SET AUDIO CHANNELS
var ambSnd:Sound = new Sound();
var ambChannel:SoundChannel = new SoundChannel();

ambSnd.load(new URLRequest("audio/water.mp3"));
ambSnd.addEventListener(Event.COMPLETE, onAmbComplete);

function onAmbComplete(event:Event):void
{
    ambChannel.soundTransform = new SoundTransform(1);    
    ambChannel = ambSnd.play();
}


//ON MUTE BUTTON EVENT
function onMuteBtn(event:MouseEvent):void
{
    if (event.type == "mouseOver")
    {
        muteAudioBtn.alpha = 0.6;
    }
    if (event.type == "mouseOut")
    {
        muteAudioBtn.alpha = 0.3;
    }
    if (event.type == "mouseUp")
    {
        if (ambFlag) // IF MUTE IS ON
        {
            ambFlag = false;
            ambChannel.soundTransform = new SoundTransform(1);
            muteAudioBtn.muteAudioBtnText.text = "MUTE AUDIO";
        }
        else // IF MUTE IS OFF
        {
            ambFlag = true;
            ambChannel.soundTransform = new SoundTransform(0);    
            muteAudioBtn.muteAudioBtnText.text = "UNMUTE AUDIO";
        }    
    }    
}