Help with ext Image / Text Fader

I am new to MX and have very basic concepts.

I have a very general requirement that seemed very simple:

Step 1:

Load a new external JPEG image into a MC with a string var encoding a string caption in the URL link (VALUE="…/fadeTest.swf?someTextVar=TestCaption") within the EMBED / OBJECT sections.
I know how to do this and it semed to work fine.

STEP2:

When the JPEG is loaded I would like the substituted Text to Fade In over the JPEG. The JPEG should also fade in before the Text. The fade rate should be programmable.

STEP3:

After a programmable period of time say 5 seconds, the process is repeated with a new external JPEG and Text Captions
until the loop iterations is complete. The loop iteration is also programmable.

Seemed like a very normal MX functionality.

Now where do I start? Any help is truly appreciated

Thank you

Chris