Dynamic FLVPlayback - contentPath require full LOCAL path?

I just created a 448x380 SWF with the following code:

import mx.video.*;
this.attachMovie("FLVPlayback", "corp_video", 10, {width:448, height:336, x:0, y:0});
my_FLVPlybk.skin = "SteelExternalAll.swf"
my_FLVPlybk.contentPath = "corp_demo_video.flv";

The FLA/SWF are in the same folder as SteelExternalAll.swf (the skin I copied to the local folder from Flash) and FLV file.

Why doesn’t that load a video? The skin partially appears, but the video does not. Hitting “Play” gives a server error, even though I’m testing locally.

Does FLVPlayback need the full MACHINE PATH – file:////blah blah blah – to access that local file? You’d think not. Any suggestions are welcome and appreciated.

Thanks,
IronChefMorimoto