To do this you will need to create an instance of the Timer class and add an event listener that maps to a function taking the event as a parameter of a TimerEvent (or super class).
As an example :
ActionScript Code:
var foo : Timer = new Timer(1000,1);
foo.addEventListener(TimerEvent.TIMER, myFunction);
function myFunction(e:TimerEvent):void
{
Alert.show('Hello');
}
For more information on the Timer class
read here. You can also find details in the flash documentation. The class and package path is under flash.utils.Timer