Hi All,
I was just dabbling around and I came up with this class, I thought I would pass it on for all you AS 2.0 addicts. I'm still learning so Feedback is appreciated. Is there a way to implement this class on all MovieClips without setting the linkage for each MC symbol in the library?

Code:
/*
	::AS 2.0 CLASS:: MCFader v0.0.2 by apolo@comcast.net 
	::Date Modified:: 11/21/03 
	::Purpose:: Fades a MovieClip
	::Methods:: fade(startingAlpha, endingAlpha, [speed]);
	::USAGE- fade in:: from 0% to 100% _alpha(at a speed of 10 frame per second) no matter what the begining _alpha of the MC is:: myMC.fade(0,100,10);}
	::USAGE - fade in:: myMC.onMouseDown = function (){this.fade(this._alpha,100);}
	::USAGE - fade out:: myMC.onMouseDown = function (){this.fade(this._alpha, 0);}
	::USAGE - fade out slowly to 50% alpha:: myMC.onMouseDown = function (){this.fade(this._alpha, this._alpha/2, 1);}
*/
	
class MCFader extends MovieClip{
	
	// Our Constuctor inherits the MovieClip's constructor
	function MCFader(){
		super();
	}
	
	// declare the method we will be using
	private var onEnterFrame:Function;

	public function fade(sAlpha:Number, eAlpha:Number, speed:Number):Void {
		
		var once:Boolean = false; // init flag

		onEnterFrame = function(){
			
			// handle the fading
			if(sAlpha < eAlpha){ // fade in
				if(!once){
					if(!speed){ // set Default speed value if needed
						speed = 5;
					}
					_alpha = sAlpha;
					once = true;
				}
				if(_alpha < eAlpha){
					//trace(_alpha);
					_alpha += speed;
				}else{
					delete onEnterFrame; // were finished now, so collect garbage
				}
			}else{
				if(!once){
					if(!speed){ // set Default speed value if needed
						speed = 5;
					}
					_alpha = sAlpha;
					once = true;
				}
				if(_alpha > eAlpha){ // or fade out
					_alpha -= speed;
				}else{
					delete onEnterFrame; // were finished now, so collect garbage
				}
			}
		}
	}
}
Newbie note:
To use this class just save the below code as the file name MCFader.as, keep it in the same directory as your .fla
In your .fla, right click the symbol(s) in the library you want to be able to fade, choose linkage, click export the for actionscript radio button. type in a name for the idenifier, in the AS 2.0 Class field type in MCFader, click ok.

Enjoy,
~Dev