Something like this may work:
var myTextLoader:URLLoader = new URLLoader();
myTextLoader.addEventListener(Event.COMPLETE, onLoaded);
function onLoaded(e:Event):void {
var myArrayOfLines:Array = e.target.data.split(/
/);
}
myTextLoader.load(new URLRequest("myText.txt"));
The array in the onLoaded function will have your array of items.
Edit- for fun, I ran the code with a sample file and it worked like a charm.
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