Bitmap color change

Hi

http://www.jumpeyecomponents.com/Flash-Components/Transition-Effects/Special-Swap-Transition-Loader-32/ ( this is discontinued component but I like the effect that it changes the color of bitmap in a pixel format i.e. it goes from white to dark tones gives a real cool effect.)

I wanted to know that if i need to create a similar flash how to go about doing it.i need guidence for knowing what all elements are involved in it

Thanks in advance

Regards
Piyush