[etc]

<?xml version="1.0" encoding="utf-8"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" creationComplete="init()">
<mx:Script>
	<![CDATA[
		private var _loader:URLLoader;
		private var _imageLoader:Loader;
	
		private function init():void {
			this._loader = new URLLoader(new URLRequest('image.jpg'));
			this._loader.dataFormat = URLLoaderDataFormat.BINARY;
			this._loader.addEventListener(Event.COMPLETE, this.completeHandler);
		}
		
		private function completeHandler(event:Event):void {
			var data:ByteArray = this._loader.data as ByteArray;
			this._imageLoader = new Loader();
			this._imageLoader.loadBytes(data);
			this._imageLoader.contentLoaderInfo.addEventListener(Event.COMPLETE, this.imageCompleteHandler);
		}
		
		private function imageCompleteHandler(event:Event):void {
			this.myImage.source = this._imageLoader;
		}
	]]>
</mx:Script>
	<mx:Image id="myImage" source=""/>
</mx:Application>