Trying to contol a MC's shape with AS

I'm working on an app where a user can enter text, choose font/color/size settings and when they click the continue button their text appears in a new TextField in a dynamically created movieclip. My question is: is there anyway, through ActionScript, that I can set a curve to the text? I know how to draw a curved line, but I want my text to curve (ie around a circle or in the shape of a rainbow(arc)). I can't find an sort of function for this. Is there perhaps a way to snap text to a line that I draw with curveTo()? If anyone knows how to do this it would be a huge help!

PS I'm using CS2. If CS3 offers this I'd like to know, but I prefer a CS2 solution

Thanks