This panel is just another way to control the colors that you use for lines/strokes and fills/gradients. It offers you a wider palette of shades than the default color picker, and more ways to enter values--making it easier to match colors picked from a JPEG image or an HTML document. In the RGB fields, you can enter red, green, and blue values to match standard color sliders; in the field below the large color sample square (the one that reads #FF0000 in the image), you can enter HTML color values for a precise match for anything coded in your web page.
Flash Tip: Program Tools: Color Mixer Panel
By Adrien-Luc Sanders, About.com Guide
The Color Mixer Panel is one of many useful tool subsets found (typically) to the right side of your work area; they're stacked in a single column, and each is collapsible using the arrow on the left-hand corner, or detachable to be "floated" anywhere on your screen.
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