Check out Flash Filter Lab, a sort of playground for some of the neato visual effects that you can do with Flash (ha ha, shoulda waited for AS3). The user interface is set up like the popular modular audio synthesizers Reaktor and Max / MSP / Jitter. Each block is a part of an effect with inputs and outputs. The letter on the input / output is the data type for the value that it passes in or out. The data type must be the same for you to link two modules together. You can link in values or double click the module to set a default value. By chaining together several modules you produce effects that are shown in realtime.
So what? Flash Filter Lab will even let you export your work as ActionScript 2.0 classes. Yeah, I know, I would probably never use this for anything either, but damn…
Thanks again to Roger for the link.