Flash CS3 : Load External Text File Data

var url:String = "bio.txt";
var loadit:URLLoader = new URLLoader();
loadit.addEventListener(Event.COMPLETE, completeHandler);
loadit.load(new URLRequest(url));

function completeHandler(event:Event):void {
biotext.text = event.target.data as String;   
}

http://www.actionscript.org/forums/showthread.php3?t=135839