HI, Both FlashBuilder 4.6 and 4.7 with work with Apache Flex 4.10 and AIR is the range of 2.6 to 3.8. It's not been fully tested on all version so you may run into an issue or two, but the latest version 3.8 should be fine.
Simplest way to select the version of AIR is to use the installer, but you can do it via some scripts (on OSX) and by hand if you know what you're doing. Justin
