One of the features I was most pleased about adding to Degrafa when I was contributing to it was something called VideoFill. I confess that I still check out the VideoFill demo occasionally, just because I still think it's quite cool (not the flex demo app itself - it's not cool- but what it shows in terms of VideoFill capability is - well I think so, anyway).
At a basic level, the way VideoFill works is to leverage as much as possible the native flash player renderer's automatic visual updating of what is rendered based on updating the referenced BitmapData used in bitmapfills. This can permit some surprising effects, even in players as old as flash player 9. If you want to check it out, try the demo in this link and choose 'GeometryRepeater' (the last option in the first combo-box), then mess with any of the setting controls under the heading 'Target Settings'. One key thing to realise with what you are looking at is that, any of the visual video content exists inside a single flash DisplayObject (no matter how many different 'copies' of the video you are looking at). All the video content is drawn with the flash drawing api (player 9 compatible, so not even using the new stuff that came with player 10). Have fun with it! (and check out the source with 'View source' on context menu if you're interested).