This may be a bit too late… but here goes for all those ppl who still code in AS2:
//Intervals of delay: IntervalID... currently set as 500 milliseconds.
//Following line says that countDown() function will be called every 500 milliseconds.
var IntervalID:Number = setInterval(countDown, 500);
//reps can be set to the number of times we need consecutive 500ms delay.
var reps:Number = 4;
function countDown(){
if(reps == 0){
clearInterval(IntervalID); //When all reps done, the 500 ms intervals are not generated
trace("|");
}
else{
reps--;
trace("*");
}
}