[etc]

import flash.ui.ContextMenu;
import flash.events.MouseEvent;
import flash.display.Sprite;
var sp:Sprite = new Sprite();
var cursor:Sprite = new Sprite();
var cm:ContextMenu = new ContextMenu();
var cmItem:ContextMenuItem = new ContextMenuItem('cmItem');
/////////////////
cm.customItems.push(cmItem);
/////////////////
sp.graphics.beginFill(0xFF0000);
sp.graphics.drawRect(10,10,100,100);
sp.contextMenu = cm;
/////////////////
cursor.graphics.beginFill(0x0000FF);
cursor.graphics.drawRect(0,0,10,10);
cursor.visible = false;
mouseMove = function(e:MouseEvent):void {
	e.updateAfterEvent();
}
mouseOver = function(e:MouseEvent):void {
	Mouse.hide();
	e.updateAfterEvent();
	cursor.startDrag(true);
	cursor.visible = true;
}
mouseOut = function(e:MouseEvent):void {
	Mouse.show();
	e.updateAfterEvent();
	cursor.stopDrag();
	cursor.visible = false;
}
/////////////////
this.addChild(sp);
this.addChild(cursor);
sp.addEventListener(MouseEvent.MOUSE_MOVE,mouseMove);
sp.addEventListener(MouseEvent.MOUSE_OVER,mouseOver);
sp.addEventListener(MouseEvent.MOUSE_OUT,mouseOut);

Вроде работает… (Ну там, доработать надо)