I came across a great tutorial that is sort of like "the missing manual" for how to set up your development environment to use the FP 11 debugger. This has been announced with the "Incubator" program, along with new features including the “Molehill” 3D APIs for Flash Player and AIR and Cubic Bezier Curves (rocket science if you ask me).
Now before I point at Jesse's blog post of instructions, please read the following statement carefully:
"These are early builds of Flash Player or AIR and may not be as stable as a final release. However, the current released features should still work as expected. AIR applications should be for developer testing only, and Flash Player builds are not recommended for use in your default, daily-use browser. The availability of AIR and Flash Player and supported OS and platforms may vary on the downloads page between updates to this program."
OK with that? Great. First I would like to say a big thank you to Jesse Nicholson of Ascension Systems (a Canadian company) for writing up this tutorial and posting it. Rather than repeat it, please read the original article here (it has been updated a few times):