Can I dynamically change color tone in Flash?

Hi!

I am creating a game on Facebook in which you create a character and then choose from a wide array of costumes. I am wondering if I can load just one art asset for each piece of costume (like boots, gloves, belt, etc.) and then have Actionscript change the color dynamically so I don’t have to load an art asset for each color. This would allow me to have multiple colors for each costume piece but drastically cut out loading times.

Is this possible? Thanks!
Josh