[acherny]

Почитал кое-что и вроде в первом приближении получил то, чо хотел (swf - 2.45 kb)

 
var flag = true;
button2.visible = false;
 
var NC:NetConnection = new NetConnection();
NC.connect(null);
 
var NS:NetStream = new NetStream(NC);
NS.client = {};
 
var Vid:Video = new Video();
Vid.attachNetStream(NS);
addChild(Vid);
 
button1.addEventListener(MouseEvent.CLICK, MouseClickHandler1);
function MouseClickHandler1(event:MouseEvent):void
{
	if (! flag)
	{
		NS.togglePause();
	}
	else
	{
		NS.play("yourfile.f4v");
		flag = false;
	}
	button1.visible = false;
	button2.visible = true;
}
 
button2.addEventListener(MouseEvent.CLICK, MouseClickHandler2);
function MouseClickHandler2(event:MouseEvent):void
{
	NS.togglePause();
	button1.visible = true;
	button2.visible = false;
	var flag = true;
}
 
NS.addEventListener(NetStatusEvent.NET_STATUS, statusHandler);
function statusHandler(event:NetStatusEvent):void
{
	{
		switch (event.info.code)
		{
			case "NetStream.Play.Stop" :
				button1.visible = true;
				button2.visible = false;
				flag = true;
				break;
		}
	}
};

Жду конструктивной критики...