Попробуйте так:

Код AS3:
<?xml version="1.0"?>
<!-- Simple example to demonstrate the ComboBox control. -->
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" backgroundGradientColors="[0x000000,0x323232]" viewSourceURL="srcview/index.html">
<mx:Script>
<![CDATA[
import mx.controls.ComboBox;
import mx.collections.ArrayCollection;
[Bindable]
public var cards:ArrayCollection = new ArrayCollection(
[ {label:function1, data:1},
{label:function2, data:2} ]);
private function closeHandler(event:Event):void {
//...
var cbox:ComboBox = event.target as ComboBox;
cbox.selectedItem.label();
}
private function function1():void {
label1.text = "function1";
}
private function function2():void {
label1.text = "function2";
}
]]>
</mx:Script>
<mx:ComboBox dataProvider="{cards}" width="150" color="0x000000"
close="closeHandler(event);"/>
<mx:Label id="label1" text=""/>
</mx:Application>