Text & paragraph actions or links

Is it possible to add links or actions to individual words in a paragraph in Flash CS3?? The idea is to link specific terms in the paragraph to a specific frame number in the time line. I don’t think using buttons is the most efficient way since the text is updated frequently with new material. The most practical solution would be to add actions or links directly to the word in the text field. I have try selecting single words in the text area, but cannot assign actions or links to individual words.