How to make contextual LINKS XML

Hi guys,

So say my xml looks like this.

<element>This is content i want to link the[color=red] link[/color] in content</element>

Ok u load this op in flash…in dynamic text field etc…

How can i make a link with link in my content (dynamic text field)???
So say when someone clicks on link it does something, opens up a URL or plays a mcClip or does a function etc…

Thanks Guys