Wikipedia says:
The tooltip is a common graphical user interface element. It is used in conjunction with a cursor, usually a mouse pointer. The user hovers the cursor over an item, without clicking it, and a small "hover box" appears with supplementary information regarding the item being hovered over.
Source: http://en.wikipedia.org/wiki/Tooltip
This is going to require some actionscripting, so I have looked around the internet for various techniques and tutorials and come up with a solution. Using an external actionscript file to create a 'tooltip class, I can simply assign the class to a .onRollOver = function().
Here is the code applied to the button in a frame:
audio_on.onRollOver = function() {
tt.showTip("Sound On");
}
audio_on.onRollOut = function() {
tt.removeTip();
Not being skilled enough to have written this myself, I did use a tutorial and after some trial and error I began to learn what each of the variables in the external actionscript file did so I was able to change things like the size of the text, size of the box, and removed the small point at the bottom that made it look more like a speech bubble. In the end I have something that is clean and informative, which is perfect for what it is supposed to do.
Example:

This shows a tooltip when he mouse hovers over the mute button.