Flash content management system

Hi all,

I’m going to create a flash site with dynamic content coming from a database.
The only problem i have with this technique is that in order for the client to change the content, he/she has to run a php script on a page outside of the flash movie itself.

What i’d like to do is create a login function in the flash movie itself and when the admin logs in, he/she can directly edit the content. For instance when the admin clicks a small button near the textfield, it turns into an input box with the text loaded. The admin can then change the text and update it.

#1 Can this be done?
#2 Can text be formatted so the admin can make a word bold, italic etc (with some kind of wysiwyg flash equivalent editor?)

Thanks for your time!