ActionScript 3.0 :: How To Create Preloader For Images On Menu

How to go about adding preloaders for images on a rotating menu. I am not after any kind of complex animation loader, just simple text that says 'Image Loading'. So I guess to simplify it, it could just be a peace of text that disappears when the image loads in....

1. Create moveclip with the words 'loading Images' some how load this in the background of main holder that loads images in so that when image loads it loads over the text 'Image loading' technically not a loader just text in the background.
2. Create moveclip with the words 'loading Images' that when image loads in the text is replaced by image that loaded in??

This is how I load my images in:
Code:
Select allvar holder:MovieClip = new MovieClip();
holder.addChild(loader);

So, I created a movie clip exported as 'preloader' and loaded it like this:
Code:
Select allvar preloader:Preloader = new Preloader();
holder.addChild(preloader);