Flax

FlaX creates text effects for Macromedia Flash in real time. FlaX comes equipped with 35 special-effects groups, which the user can tweak using sliders and buttons to create thousands of unique effects. Any adjustment made takes effect immediately. FlaX will export your effect in Flash format, so you can import it into Flash for inclusion in your other work, or you can use the effect on your Web site. FlaX makes use of user-friendly floating tool windows.

Limitations:

Created effects are scrambled