Can you load in a swf into a movie and control it from outside?

I had a thought: since my movie has so many complicated transitions and dozens of animations playing at various intervals, why not just create the whole thing without a navigation bar and build the nav bar into a preloader? The preloader swf would have the preloader code which would load the main movie into it. The nav bar would then control the main swf with stop, play, forward, reverse, etc.

Is this possible?

I’m asking because I have no idea what kind of timeline exists inside a compiled swf - is it just one long timeline or is it just like it exists in the authoring environment? One long timeline would make skipping around so much easier…