[Nirth]

а если юзать MOUSE_OVER\MOUSE_OUT?

package {
	import flash.display.Sprite;
	import flash.ui.ContextMenu;
	import flash.events.ContextMenuEvent;

	public class Context extends Sprite
	{
		public function Context()
		{
			addChild(new Square());
		}
	
		private function onMenuSelect(event:ContextMenuEvent):void
		{
		}
	}
}
	import flash.display.Sprite;
	import flash.events.*;;
	import flash.ui.*;
	


class Square extends Sprite
{
	public function Square()
	{
		graphics.beginFill(0xFF6600);
		graphics.drawRect(0,0,100,100);
		graphics.endFill();
		
		addEventListener(MouseEvent.MOUSE_OVER,onMouseOver);
		addEventListener(MouseEvent.MOUSE_OUT,onMouseOut);
		addEventListener(MouseEvent.MOUSE_MOVE,onMouseMove);
		
		var menu:ContextMenu = new ContextMenu();
			menu.addEventListener(ContextMenuEvent.MENU_SELECT,onMenuSelect);
			menu.customItems.push(new ContextMenuItem("Hello world"));		
		contextMenu = menu;
	}
	private var cursor:Cursor = new Cursor();
	
	
	private function onMouseOver(event:MouseEvent):void
	{
		addChild(cursor);
		Mouse.hide();		
	}
	
	private function onMouseOut(event:MouseEvent):void
	{
		removeChild(cursor);
		Mouse.show()
	}
	
	private function onMouseMove(event:MouseEvent):void
	{
		cursor.x = event.localX;
		cursor.y = event.localY;
	}
	
	private function onMenuSelect(event:ContextMenuEvent):void
	{
		trace(this);
	}
}

class Cursor extends Sprite
{
	public function Cursor()
	{
		graphics.beginFill(0xFF0000);
		graphics.drawRect(0,0,10,10);
		graphics.endFill();
		
		mouseEnabled = false;
	}
}