Macromedia flash 8-developing flash lite 2.x applications User Manual

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About text in Flash Lite
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3.
In the Property inspector, in the Var text box, type nameVar.
The value that you enter must be a valid variable identifier—the first character must be a 
letter, underscore (_), or dollar sign ($), and each subsequent character must be a letter, 
number, underscore, or dollar sign.
4.
In the Timeline, select Frame 1 on the layer named ActionScript.
5.
Open the Actions panel (Window > Actions) and enter the following code:
nameVar = "George Washington"
6.
Test the application in the emulator (Control > Test Movie).
For another example of using dynamic text fields, see 
Property inspector
Dynamic text field selected on Stage
Variable name assigned to selected text field