I had to make this widget for Neumont University and since it was a pretty simple app I decided to do it in AS3:
This pulls from an XML file that is on their server and rotates through news and events. You can download the files here:
The xml file is in there, although you'll have to change the link in the flash if you really want it to pull from that xml because right now it is pulling the xml off Neumonts server.
Issues this covers: setTimer, new setInterval, dynamic text, XML, parsing, URLRequest, getURL, AS3, Actionscript 3.0