Spinning an object with the mouse (sort of a drag)?

I’ve figured out spinning a wheel-like object using the mousewheel:

var spinRate:Number = 10;
var mouseWheelListener:Object = new Object();
mouseWheelListener.onMouseWheel = function(delta:Number) {
	delta < 0 ? wheelObject._rotation += spinRate : wheelObject._rotation -= spinRate;
};
Mouse.addListener(mouseWheelListener);

(For anyone who wants to know) - & now I’m looking for a way to be able to click the wheel & turn it as the mouse is clicked at the users will?

Heres an example: http://www.flashloaded.com/flashcomponents/flashcontrollers/images/demo_wheel.html

But as you can see, the knob only spins according to the _ymouse, if you try to rotate it while holding the edges it doesnt really work. Click on the last marker at the right end of the knob & then move your cursor around the circumference of the knob, it doesnt really turn well. Any ideas?