Code:
import fl.transitions.Tween;
import fl.transitions.easing.*;

var _delay:int=0;
var _total:int=0;
var _images:XMLList=null;
var _loaders:Array = new Array();
var _counter:int=0;
var _next:int=0;
var _timer:Timer=null;
var _tween:Tween=null;
var _container:Sprite = new Sprite();
var _text:TextField = new TextField();

var _loader:URLLoader = new URLLoader();
_loader.load(new URLRequest("data.xml"));
_loader.addEventListener(Event.COMPLETE, Complete, false, 0, true);

function Complete(e:Event):void {
	var _xml:XML=new XML(e.target.data);
	_loader.removeEventListener(Event.COMPLETE, Complete);
	_loader=null;
	_images=_xml.image;
	_total=_images.length();
	LoadImages();
}

function LoadImages():void {
	for (var i:int = 0; i < _total; i++) {
		var _url:String=_images[i].@URL;
		var _loader:Loader = new Loader();
		_loader.load(new URLRequest(_url));
		_loader.contentLoaderInfo.addEventListener(Event.COMPLETE, ImageLoaded);
		_loaders.push(_loader);
	}
}

function ImageLoaded(e:Event):void {
	_counter++;
	if (_counter==_total) {
		SetupSlider();
	}
}

function SetupSlider():void {
	addChild(_container);
	_text.selectable=false;
	_text.width=450;
	_text.height=50;
	_text.x=0;
	_text.y=0;
	addChild(_text);
	NextImage();
}

function TimerListener(e:TimerEvent):void {
	_next++;
	if (_next==_total) {
		_next=0;
	}
	NextImage();
}

function NextImage():void {
	if (_container.numChildren>0) {
		_container.removeChildAt(0);
	}
	_loaders[_next].alpha=0;
	_container.addChildAt(_loaders[_next],0);
	_tween=new Tween(_loaders[_next],"alpha",Strong.easeOut,0,1,1,true);
	_text.text=_images[_next].@DESCRIPTION;
	_delay=_images[_next].@DELAY;
	trace(_delay)
	_timer=new Timer(_delay*1000,1);
	_timer.addEventListener(TimerEvent.TIMER_COMPLETE, TimerListener, false, 0 ,true);
	_timer.start();
}