yes u can ..however make a slight modification to your XML file so your content is not an attribute:
e.g
<icon image="icon1.png" tooltip="Halloween Haunt"><![CDATA[Kings Island Halloween Haunt Lorem ipsum dolor sit amet, consectetur adipiscing elit. Cras quis vehicula risus. Duis ultricies quam ac eros faucibus rhoncus. Donec tempor nisi id metus lobortis suscipit. Donec sollicitudin nunc at turpis sodales rhoncus. Pellentesque in magna arcu, vitae vestibulum erat. Cras idlectus arcu, sed faucibus arcu.<br>Click here to view the <a href='http:www.hotmail.com'>page</a>]]></icon>
You content should be surrounded by CDATA tags as above. When you write out the text in flash make sure you have set the textfield to display HTML.
Hmm, I tried this and I'm still having trouble. I put in your code in my .xml, and I clicked the box to display html in my text box in flash and in the spot where the text was supposed to display it just said "undefined"
Can anyone PLEASE help me, I've attached my files. Tarunar I appreciate the help but I'm using AS 2.0