Maybe an image map?
If any of your visitors are still on IE6, you will need to add additional coding for the PNG32 to be visible. Really weird things can happen, including locking up the browser in an unpredictable way.
You might want to use PNG8, instead:
I can see how to create a hotspot that contains a hyperlink but I would like is for the text to change colour when someone mouse's over the text. I usually do this onsite and know how to create a mouseover event on site but not in FW. Any thoughts of doing this on a transparent background.
I get what your saying about using a PNG32 but that seems to be the only way I can get a semi transparent background with a semi transparent area along the bottom (see previous example). This shouldn't be a problem anyway because the PNG32 is being placed and saved in a Flash presentation, not as a file in my site.
If you are modifying a Flash presentation, then your better option would be to add these items as text links in Flash, complete with color change on mouseover.