How do i Do XML Dynamic News Article?

What im trying to do, is have a scrollable text field for the main portion of my page , it will be right in the middle. The news should be scrollable within the text box , which i know how to do i think. Only problem is , the way i did it on my first page i had to keep adding the text into the action script bar, in flash.

I would like to be able to highlight certain words and maybe even add a graphic into the text like a grey bar for where the article title will go. I also want some words to be able to get linked to other sites or other places in my site. I dont think i have anyway of adding these into the variable lines in action script. The text was not even color changeable when i did it that way.

So what im asking is , if anyone can point me in the right direction to use XML so i can have it dynamically change as i edit the xml file, and how would i go about linking it to the text field ?

You can view what i have so far to maybe give you a better idea of what im going for. The Blue Box in center middle of page is where the news will go. I have it in html and swf

This should be scrollable within itself , like on the site David has the animationshoppe thing. If anyone could help me out i would greatly appreciate it… Thanks