<xml>
	<cue time="0:2:0">This is cue ONE</cue>
	<cue time="0:6:0">This is cue TWO</cue>
	<cue time="0:12:0">This is cue THREE</cue>
	<cue time="0:20:0">This is cue FOUR</cue>
</xml>

//start a new xml instance and load in xml file
var xml:XML = new XML();
xml.ignoreWhite = true;
xml.onLoad = xmlLoaded;
xml.load("cue.xml");
 
//onload of xml file start a frame event.
//set cueIndex to 0 (first index of xml file)
var cueIndex:Number = 0;
function xmlLoaded(success){
	onEnterFrame = function(){
                //set old index to cue index, will use this to compare later.
		var oldIndex:Number = cueIndex;
 
		//set cueIndex using the findIndex utility below - returns index of xml, based on countdown textField.
		cueIndex = findIndex(countDown.text, xml);
 
		// not interested in index comes back as 0 or less
		if(cueIndex <= 0 ){
			return;
		}
 
		//get the text form the xml file using the current cueIndex, based on current time in countdown TextField
		var cueTxt:String = xml.childNodes[0].childNodes[cueIndex-1].firstChild.toString();
 
		//only update the text field if something changes
		if(cueIndex != oldIndex  && parseTime(countDown.text) > 1000){
			//trace(cueIndex + " / " + oldIndex);
 
		        // place reference to TextField you want to display the subtitles.
			trace(cueTxt);
		}
	}
}
 
// loops through xml file until it finds the correct index based on current time, returns index
//this allows things to work even if we rewind or fast forward
// if you change the format of the xml, you may have to update the code to match
function findIndex(curTime:String, src:XML){
	if(src.childNodes[0].childNodes.length > 0 && src.childNodes[0].childNodes.length != undefined){
		var index:Number = 0;
		for(i = 0; i < src.childNodes[0].childNodes.length; i++){
			var cueTime:Number = parseTime(src.childNodes[0].childNodes[i].attributes.time.toString());
			var cueCheck:Number = parseTime(curTime);
			if(cueCheck > 1000){
				if(cueTime >= cueCheck){
					index = i;
					break;
				}
			}
			else{
				break;
			}
		}
		return(i);
	}
	else{
		return(0);
	}
}
 
//takes a string in 00:00:00 format and converts to milliseconds
function parseTime(str:String){
	var arr:Array = str.split(":");
	var time:Number = ((Number(arr[0]) * 60) * 1000) + (Number(arr[1])*1000) + Number(arr[2]);
	time == NaN ? time = 0: null;
	return(time);
}