Um --- you're losing me. What is an applet?

I'm new to Flash, usually I just do little animations of words and things.... nothing like this!

I don't even know how to add in the video file. I will be given .flv files by the client and have been asked to create an interface with the video playing in the corner and with certain words appearing on the main screen at certain points throughout the video presentation. Is this going to be really difficult? Does something have to be done to the .flv file before I get it to set out the key (cue) points in the video, or can I add something to define that once the video is added to the flash file?

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