Gary Rosenzweig from FlashGameU.com shows you how to make a movie clip fade away according to the distance to the cursor location. He uses a Base Class to assign this same script to two different movie clips.
Flash Game University Podcast is an audio and video podcast about Flash Game development and the book "ActionScript 3.0 Game Development University" by Gary Rosenzweig. Check out http://flashgameu.com for more information.