Here is the most up-to-date code:
import fl.video.VideoEvent;
import fl.video.FLVPlayback;

var videoSource:String;
var myFlvplayback:FLVPlayback = new FLVPlayback();

var inited:Boolean = false;
splashVideo.visible = false;
if (inited == false){
inited = true;

myFlvPlayback.bufferTime = 15;
myFlvPlayback.playWhenEnoughDownloaded();
myFlvplayback.skin = "flash/SkinOverPlaySeekMute.swf";

try {

var paramObj:Object = LoaderInfo(this.root.loaderInfo).parameters;

if(paramObj.videourl){

videoSource = paramObj.videourl;
playTheVideo();
}

} catch (error:Error) {

}
}

function playTheVideo():void{

myFlvplayback.source = videoSource;
}

myFlvPlayback.addEventListener(VideoEvent.BUFFERIN G_STATE_ENTERED, Buffering);

function Buffering(e:VideoEvent):void {
splashVideo.seek(1);
splashVideo.visible = true;
splashVideo.play();
}

myFlvPlayback.addEventListener(VideoEvent.PLAYING_ STATE_ENTERED, PlayingVid);

function PlayingVid(e:VideoEvent):void{
splashVideo.visible = false;
}


myFlvPlayback.addEventListener(VideoEvent.COMPLETE , EndOfVid);

function EndOfVid(e:VideoEvent):void{
splashVideo.visible = false;
}

I took a screen shot here is a link: http://www.davidlewis.com/TestFlashf...eenShot041.png