to some extent it's possible but it's not easy. you can load the html into flash but flash cannot parse the html (except for a very limited set of html tags). you would need to parse the html yourself.
A second option is to display the HTML content over the top of the Flash content.
If is project is to be displayed as a Web page... it's all HTML anyway.... some of which may be Flash content, some that is regular HTML content. So it's not that hard to add in a little more regular HTML content.
In your Flash movie, leave a blank space with the exact dimensions/location of the HTML content you want to display.
Then using HTML/CSS z-indexing, stack the HTML content over the top of that blank space... making it LOOK like the HTML is a part of the Flash.
If you want to display part of another Web site like cnn.com, you could do that in an iframe.
Z-indexing info here:
and the iframe here: