There's no built-in way to do green threading in ActionScript. You have to write code to handle it.
Make a function that performs one iteration of whatever operation you want to do. It should return true or false depending on if its job is done or not. Now, you have to compute the time interval left to the next screen update on the ENTER_FRAME event. This can be done using flash.utils.getTimer.
start = getTimer();
//thread is a ui component added to system manager that is redrawn each frame
var fr:Number = Math.floor(1000 / thread.systemManager.stage.frameRate);
due = start + fr;
Keep on executing your function while checking the function's return value each time and checking if due time has been crossed by comparing getTimer() with due.
This has been implemented into a usable class by Alex Harui in the blog entry - Threads in ActionScript