This post is over a year old, so you probably wont hear this, but i'll put it up anyway just incase someone has the same question.
The way to determine the rotation of and object that needs to be be rotated around a central point to point at the mouse is simple trig.
A triangle could be drawn that depicts the angle, and gives us two side lengths to work with. these lengths are happily the difference in x between the mouse and the pivot point and the difference in y.
In a line:
this._rotation = Math.atan2(_root._ymouse-this._y,_root._xmouse-this._x);
that will have the pointer always face the mouse.
i'd put it in a while loop for dragging.
To adress your "inventory" question:
This would best be done if the items were buttons
_x = 500;
_y = 500;
or something along those lines
if the items needed to be movieclips, you could use a mouse listener and collision detection with the cursor.
Edited by JacobS, 24 June 2006 - 05:25 AM.