ActionScript 3.0 :: Create Text Fields With Text From An Array?

I've got a nice bit of code that allows me to dynamically add a dynamic text box to the stage, add text to it and control it's position and formatting:
 
var txt:TextField = new TextField();txt.text= "feisty";txt.x=50;txt.y=50;var format:TextFormat = new TextFormat();format.color = 0x2F55EA;format.font = "Arial";format.size = 18;txt.setTextFormat(format);stage.addChild(txt);
 
This just makes the word "feisty" appear on the movie.The problem is that I want to create many words with different positions,different starting times, make them go away and then have different words appear. It would look like this:[URL]The swf at the link was created with After Effects and the file size is 1.5 MB - too big for a web banner. I was told I could recreate the whole thing dynamically with actionscript and get file size way down. I've been working through various tutorials with little luck.
 
I have a list of 100 words, how do I turn the code above into a cloud of words that appear one or two at a time?  I assume I will put the words into an array, but then how do I get the code above to cycle through the array and pick up the position and format attributes?