This article is written in ActionScript 1.0 and uses version 1 components. You would use version 2 components and slightly different code if you wanted to create an ActionScript 2.0 version of the application. However, you can create the application in any version of Flash from Flash MX upwards. I've assumed that you've got some experience in working with ActionScript and that you know how to add code to the Actions panel.
The tutorial uses a free component from the Macromedia Exchange. It is included with your resources with the completed application DrawingBoard.fla. You can download the resources from the blue Properties box that contains the article PDF. There's a heading titled Code Download and you can click the Details link next to it to get the zip file containing all of the samples.