Creating Text Drop Shadows in Flash CS3 and Higher

Recently we've had a rash of people replying to an extremely old blog post linking to a tutorial for creating text effects in Flash MX and lower, pointing out that the method is outdated. Since the tutorial's over 2 years old, I figured it was time to create a new one addressing the new, much easier ways to create text effects in Flash CS3 and higher. The old tutorial's still there for those who still use MX, but for those who've upgraded and moved on, check out the new tutorial on creating text drops shadows in Flash CS3.