One of the cool new sound APIs in ActionScript 3, is the SoundMixer.computeSpectrum API. This allows you to get information about sounds currently playing within the player.
Andre Michelle put together a nice example that shows a visualization of the playing sound within the player. I tried to figure out the API from Andre Michelle’s example (some of it was over my head), but with some help from Grant Skinner at FITC, I finally figured it out and put together a simple example that shows how to use the API.