In ActionScript 3.0 I found very useful classes for bitmap manipulation. The classes are BitmapData and Bitmap. I can now do image processing from right inside ActionScript. Using the BitmapData class you can access each pixel in a bitmap individually. The bitmap data can contain any image data of any movie clip. The following is an example code for this,
var bmpData:BitmapData = new BitmapData(mc.width, mc.height);
bmpData.draw(mc);
// do image processing tasks by bmpData.getPixel(x, y) and bmpData.setPixel(x, y, color)
var bmp:Bitmap = new Bitmap(bmpData);
addChild(bmp);
Here mc is the instance name of a target movie clip of which you want to manipulate pixels. bmpData got the pixel info of mc by calling draw() method. To make the bitmap visible after processing, a new Bitmap instance (bmp) is created and added to the display list by addChild() method.
I’ve made a demo of this pixel manipulation, here I made a wavy effect to an image of Angelina Jolie. Check this in here AS3 Bitmap Manipulation Demo by Nadim. Here is the screenshot.

Wavy Effect of Image by AS3





