Open Adobe Extension Manager (Download here if you don't have it). Select the Flash version for which you want to install the components from the programs pulldown list (Flash CS3) . Then select "File" - "Install Extension". Browse to the folder containing the PJ or Supreme4 .mxp file and select it to install. Go through the steps of installing by confirming. If they do not appear when (re)starting Flash, check this FAQ questions.

Basically, after you installed the effect collection with Adobe Extension Manager what you do is open Adobe Flash CS3, create or open a ActionScript 3.0 .fla Flash File, and then open the Components panel [Window menu]. Select the PJ or Supreme4 collection in the Components panel. If it's not folded out, select + next to the component to show the list of effects. Next, from the effect list, drag one of the effects on stage and set the text in the Component Inspector panel [Window menu]
See also live demo Quick Start