[F8] [F9] Flash-based WYSIWYG editor

Greetings,
I'm using Flash CS3, but have not yet made the leap into AS3 :(

We have this project where they want a WYSIWYG editor, but there is a media/data manager where they can create folders, upload images, videos, documents, etc... and they want to be able to click and drag the files in to the editor and have it insert it as an embedded video, image, link to the document...
Also all the normal WYSIWYG editor tools for text, etc...

Is this even possible in either AS2 or AS3? Are there any open source apps for something like this? Have you ever heard of a Flash-based WYSIWYG editors?

Any assistance would be greatly appreciated.

Thanks :)

(of course, it seems that FK would be using one if there was... :) )