Yes, the method is almost the same and can be implimented from a stardard http server.
You use the same loadMovie("my.jpg", _root.targetMC); that you would use to load .jpg's - the only difference being you will load .jpg to a target and .swf to a level. You can load a .swf to a target as well, but it won't stream - it will completely download before it will play. .jpg's do this too, but with their smaller size (usually) it's not such a big issue. Still, it may be nice to let your viewer know the progress of the .jpg loading with a percentage or loader bar.
You load a .swf to a level with loadMovie("my.swf", 1) for _level1. Make sure to load new movies to the same level so you free up memory by replacing the level. You can now control the properties of the loaded .swf by targeting the _level, like;
Code:
if(_level1){ //check to make sure it's there (true/false)
_level1._alpha= 50;
}