Yes, but don't.
What you'd be doing is dynamically adding properties to an object or a dynamic subclass of object. Not all classes are dynamic so this is not a reliable habit. For instance, MovieClip is dynamic, Sprite is not.
You'd have to evaluate the names to loop over them later which is expensive.
Instead, push them to an array and loop over that.
Actionscript Code:
var myArray:Array = new Array();
for(var i:int = 0; i < 10; i++){
var ball:Ball = new Ball();
ball.x = 10 * i;
ball.y = 5 * i;
myArray.push(ball);
}
then later you can loop over the balls like this
Actionscript Code:
for(var i:int = 0; i < myArray.length; i++){
var ball:Ball = myArray[i];
// do something with ball
}