I'm a little late to this party, but I've been searching for a similar solution and thought I'd weigh in with this item:
http://www.adobe.com/devnet/flash/qu...component.html

In it, the following statement is made: "The FLVPlayback component plays only external FLV files or streaming video."

The thought occurred to me that maybe the VideoPlayer class would work, but it seems that the FLVPlayback component uses a VideoPlayer, so if it isn't doable for the one it may not be for the other.