As we know, Flash doesn't have a built-in method for skewing movieclips dynamically with ActionScript. Using some rotation, stretching, more rotation, some scaling, and some trigonometry, we can skew an object with a function less than 10 lines long. The only requirement is that the object being skewed has to be nested 2 movieclips deep. Here is the function:
// send it the MC that needs to be skewed, and the number of degrees to skew it
_global.skewMeX = function ( skewTarget , degrees ) {
// converts degrees to radians for use in trig functions
skewAngle = degrees*Math.PI/360;
// rotate the lowest level 45 degrees. this is necessary for the skew to be diagonal
skewTarget._rotation = 45;
// stretch the middle level. this line may look simple, but it was derived from a lot of math!
skewTarget._parent._xscale = 100/Math.tan( -skewAngle );
// we rotate the middle level back some. not 45 degrees because when we stretched it, the angle of the base became less
skewTarget._parent._rotation = skewAngle*180/Math.PI;
// take the starting height and find out what that would be if it was rotated
newHeight = Math.sin( -skewAngle )*skewTarget.defaultHeight;
// find what the scale is from 100%
newScale = 100 * newHeight / skewTarget.defaultHeight;
// apply the new scale to the top level to make the object appear to stay the same size
skewTarget._parent._parent._xscale = skewTarget._parent._parent._yscale = newScale;

for the visual learners, here's a slide show visualizing each step:

In the included FLA [see the Attachments section at the bottom of this page], the bottom movieclip has the following actions:
// set the starting width and height
this.defaultHeight = this._height;
this.defaultWidth = this._width;
// find the x & y distance from this mc to the cursor
yDistance = this._parent._parent._y - _root._ymouse;
if ( yDistance < 10 ) { yDistance = 20; }
xDistance = _root._xmouse - (this._parent._parent._x + this.defaultWidth/4);
// calculate the angle to the cursor
angleToCursor = Math.atan( yDistance / xDistance ) * 180/Math.PI;
if (angleToCursor < 0)
angleToCursor += 180;
// call the Skew function. sends itself, and the angle to skew

If you decide to dynamically create multiple instances with text in them, make sure to embed your font on the dynamic text field!

Feel free to contact me with any questions you might have. Enjoy!

-- Brian Shaler, Phoenix, AZ, USA