можно поиграться с blendMode ластика и отрисовкой результата в битмап

Код AS3:
package
{
import flash.display.*;
import flash.events.*;
public class Main extends Sprite
{
private var bmd:BitmapData = new BitmapData(400, 200, false, 0x8080C0);
private var brush:Sprite = new Sprite();
public function Main():void
{
brush.graphics.beginFill(0xC0C0C0);
brush.graphics.drawCircle(0, 0, 10);
brush.blendMode = BlendMode.ADD;
addChild(new Bitmap(bmd));
addChild(brush);
stage.addEventListener(MouseEvent.MOUSE_MOVE, stage_mouseMove);
}
private function stage_mouseMove(e:MouseEvent):void
{
brush.x = mouseX;
brush.y = mouseY;
bmd.draw(this);
}
}
}