[caseyryan]

А так сработает?

var loader:URLLoader = new URLLoader ();
loader.dataFormat = URLLoaderDataFormat.BINARY;
loader.addEventListener (Event.COMPLETE, loadCompleteHandler);
loader.load(new URLRequest("1.swf"));
 
function loadCompleteHandler (e:Event):void {
	var loader:URLLoader = e.target as URLLoader;
	var l:Loader = new Loader();
	l.loadBytes(loader.data as ByteArray);
}