Самый элементарный вариант

Код:
var dictance:Number = 10;
var angle:Number = 5
//
var keyListener_obj:Object = new Object();
keyListener_obj.onKeyDown = function() {
switch (Key.getCode()) {
case Key.LEFT :
arrow_mc._rotation -= angle;
break;
case Key.RIGHT :
arrow_mc._rotation += angle;
break;
case Key.UP :
arrow_mc._x += dictance*Math.sin(arrow_mc._rotation*Math.PI/180);
arrow_mc._y -= dictance*Math.cos(arrow_mc._rotation*Math.PI/180);
break;
case Key.DOWN :
arrow_mc._x -= dictance*Math.sin(arrow_mc._rotation*Math.PI/180);
arrow_mc._y += dictance*Math.cos(arrow_mc._rotation*Math.PI/180);
break;
}
};
Key.addListener(keyListener_obj);