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How does one build and execute an ActionScript 3.0 application?

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How does one build and execute an ActionScript 3.0 application?

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A developer can use the free Adobe Flex™ SDK (http://www.adobe.com/products/flex/sdk/), Flex Builder, or Flash® Professional to compile ActionScript source code into a Flash file (SWF). The SWF file may then be distributed via the web or as a standalone application and is executed by Adobe Flash Player.

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