Timing Execution

Ok, say I have 3 images in the library, converted to graphics(1, 2, 3) and want them to fade in & out of the stage at certain times. I am wanting to use actionscript to attach them every 3 seconds (fading in & fading out) and once the last image had faded in, the movie returns to the start and begins reloading again after 5 seconds. I was wanting to do this to avoid having to use the timeline.

Thank you!!