Sarah,

It is possible to write some code using one of the APIs  (DMO, SMO) to do
this, but a simple way is to create a script that uses a curson to run
sp_helptext against each stored procedure (and function?) in the database.
You could run it from SQL Agent as an operating system step:

SQLCMD -S ServerName -E -i ScriptFile.sql -o OutputFile.txt

Of course, this produces a single long text file with all of the output, not
files for each discrete object.  The script would look something like this:

DECLARE @ObjectName NVARCHAR(128)
DECLARE @Command NVARCHAR(500)

DECLARE ObjectToScript CURSOR STATIC
FOR SELECT name FROM master.dbo.sysobjects -- SS2000 compat
       -- All members created today.
       WHERE type = 'P'

OPEN ObjectToScript ;

WHILE (1=1)
BEGIN
    FETCH NEXT FROM ObjectToScript INTO @ObjectName ;

    IF @@FETCH_STATUS <> 0
    BEGIN
        PRINT 'ALL DONE'
        BREAK;     -- No more data, exit the loop
    END
    IF @ObjectName LIKE '%\%' -- Example test when not to create this login
    BEGIN
        CONTINUE ;-- Nothing to do here, back to top of the loop
    END
    -- We have a valid object, script it out
    SET @Command = 'sp_helptext [' + @ObjectName +   '] '
    EXEC (@Command)
END

CLOSE ObjectToScript
DEALLOCATE ObjectToScript

Red-Gate, Apex, xSQL, etc all have command line tools (which you have to
buy) that would go a better job of scripting out the objects (including
security settings) than something that you make yourself.  In addition, if
you created a reference database with the last state of the objects, you
could compare the current database against your reference database and get
only the objects that have changed.  (You can do all of this yourself, but
why bother when you can buy it and have vendor support.)

RLF