Here’s a Little trick that shows you how to generate an image thumbnail during runtime from a VideoDisplay component, you can than create a server side proxy to save the image as a file or just use it as it is. Enjoy.
<mx:Script>
<![CDATA[
import mx.events.VideoEvent;
private function playheadUpdateHandler(event:VideoEvent):void {
var bmData:BitmapData = new BitmapData(100, 100);
bmData.draw(event.target as DisplayObject);
var bm:Bitmap = new Bitmap(bmData);
img.source = bm;
}
]]>
</mx:Script>
<mx:Canvas>
<mx:VideoDisplay id="videoDisplay"
source="someFlvVideo.flv"
playheadUpdate="playheadUpdateHandler(event); event.target.stop();"
visible="false" width="100" height="100" />
<mx:Image id="img" />
</mx:Canvas>

