In my earlier post, i mentioned i was struggling locating the path for the class files. I somehow figured it out. And its working fine. Very nice feeling indeed to experiment on AS3 for the first time, though it takes 2 or 3 extra lines of coding, perfectly make sense. Thanks for Lee Brimelow for sharing his knowledge!
After reading a tutorial by Lee Brimelow of GotoAndLearn.com on building a carousel menu. I did one as an experiment. The icons are designed in photoshop and saved as *.PNG images, if i would have taken the patience to design it in Illustrator and exported as *.eps files there won't be any pixelation i felt. Anyhow feel free to post your comments.