Matrix Code Question

I have looked through the billion threads about how to create a matrix text effect and didn't find any information to help with my question.

I would like to create a matrix code effect, but I need it to be able to spell out words at random, pause for a second, and have the word dissapear like in the movie. It would be nice if the words could be dynamic, so I can change them when needed.

One way I see to do this is to create separate movie clips and have them placed at random x values. I could see tweening all the motion for the clips to make the text rotate and change in alpha, but I was hoping to Actionscript this effect to save on file size.

Can someone get me going in the right direction for this effect or suggest alternate ways of going about this, thanks!!