<p>I want to show HTML content inside Flash. Is there some way to do this?
I am talking about full blown HTML (with JavaScript if possible).</p>

How complex HTML are we talking about? Simple HTML, like <b> and <i> is supported in text fields if you use the
```
htmlText
```
property. You can also attach a CSS style sheet to the text field for more styling. Have a look at TextField in the Flash API documentation (I'm sure you can just google it).