use trajectory of projectile formulae
You can also calculate the final distance, maximum height and time of flight using the formulae from Wikipedia - Trajectory of projectile. Put them as functions in actionscript and calculate the final results.
Continuous animation can be achieved by setting a xVelocity and a yVelocity. The vVelocity is constantly decreased because of gravity. The position of the object will increase with the xVelocity and the yVelocity.
You can also achieve the animation by calculating the time passed and multiply it by the horizontal component of the initial launch velocity, then use the result and put it into "Height at x distance" formulae at around the middle of the wiki page.
Hope it helps! :)