This flash tutorial will teach you how to create a knocked out text effect. This lovely text effect is very simple and only requires the glow filter, no actionscript is needed.
Knocked out text effect
Create a new flash document.
Using the Text tool (T), type your text on the stage. I chose the Verdana font type with the colour red. You can choose whatever colour or font you wish.
Using the Selection tool (V), select your piece of text.
Select the Filter tab at the bottom of the screen then add the glow filter by clicking the blue plus sign.
Add the following setting:
Test the text effect ctrl + enter.
You should now have a knocked out text effect.