Код AS1/AS2:
<?xml version="1.0" encoding="utf-8" ?>
<data>
<test>Text</test>
</data>
Код AS3:
private function completeHandler(e:Event):void
{
var loader:URLLoader = e.target as URLLoader;
var xml:XML = new XML(loader.data);
trace(xml.child(0));//Text
trace(xml.children());//Text
}