If you don't have a reference, I'm guessing that if you remove it from the display list.. since it will have nothing pointing to it, it will be garbage collected.
Code:
displayObjectContainer.addChildAt(yournewmc, index);
displayObjectContainer.removeChildAt(index+1);
or
Code:
displayobjectContainer.removeChildAt(index);
displayObjectContainer.addChildAt(yournewmc, index);
If you have a reference to the mc you want to delete but not the index, here's something you can do. You have to null the variable once you're done in any case if you want it garbage collected:
Code:
displayObjectContainer.addChildAt(yournewmc, displayObjectContainer.getChildIndex(yourmc));
displayObjectContainer.removeChild(yourmc);
yourmc = null;