I don't think FC supports that at the moment. However, in case it is an AIR application, the mx:HTML tag can potentially be added to a project created in FC. Here is more details: http://livedocs.adobe.com/flex/3/html/help.html?content=FlexApolloComponents_09.html
In case your HTML is simply formatted text, the content of RichText tag added in FC looks a lot like html. So you might want to try importing your FXP to Flash Builder and changing the content of a RichText tag with your slightly midified HTML, for example
<s:content><s:p><s:span>Test</s:span></s:p><s:p><s:span color="#002fd1" fontFamily="Georgia" fontSize="31">Test</s:span></s:p></s:content>
Here is more details on what can be added to RichText: http://help.adobe.com/en_US/flex/using/WS02f7d8d4857b1677-165a04e1126951a2d98-7fca.html
iframe - Does FC support that?
I only have Flash CS5, and FC exports out a SWF file and I'm not seeing how to edit that in Flash CS5.
Thank you for all the info, I read thru it but I am not a coder.
The HTML code I'm wanting to use is for a 3rd party app that runs a flash file.
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Flash Catalyst does not support any HTML elements within the file. You can however import the third party swf into a Flash Catalyst project by using the normal import method (as long as it is ActionScript 3 based). If the swf is based on ActionScript 2, you will not be able to import it. But, if you need to pass in any FlashVars or parameters to that swf, you will be unable to do so.
The Flash Catalyst project files can be imported into Flash Builder, which is a different product from Flash Professional. It is included in some Creative Suites. The Flex frameworks does have some support for HTML elements.