var tf:TextField = new TextField();

tf.text = "Lorem ipsum dolor sit amet, consectetur adipisicing elit, " 

                        + "sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. "

tf.selectable = false;

tf.wordWrap = true;

tf.width = 150;

addChild(tf);

 

var square:Sprite = new Sprite();

square.graphics.beginFill(0xFF0000);

square.graphics.drawRect(0, 0, 40, 40);

addChild(square);

 

tf.mask = square;

 

tf.addEventListener(MouseEvent.MOUSE_DOWN, drag);

tf.addEventListener(MouseEvent.MOUSE_UP, noDrag);

 

function drag(event:MouseEvent):void {

        square.startDrag();

}

function noDrag(event:MouseEvent):void {

        square.stopDrag();

}