Are you interested in scrolling editable text, or just a static text display? Assuming the latter, you can do it using a Scroll Panel:
If you run your project now, you should be able to drag the scrollbar to scroll the text.
You'll notice that Catalyst added a few extra lines of text at the bottom saying "Add More Content Here." You can delete these by double-clicking the dotted-line content area to edit the content within it, then selecting the extra text box and deleting it.
Hey Peter, thanks, I resorted to Flash and imported the swf but one again, how easy is FC