[mikhailk]

var items:Array = ["1", "2", "3"];
var itemIndex:int = 0;
 
var myTimer:Timer = new Timer(5000);
myTimer.addEventListener(TimerEvent.TIMER, timerListener);
myTimer.start();
 
function timerListener(e:TimerEvent):void 
{
  trace (items[itemIndex]);
  itemIndex++;
  if (itemIndex == items.length) itemIndex = 0; 
}