Export frames from Flash Video 8 as jpg or bitmap?

Hi all:

I am a Product Manager in need of some assistance. After reading through some of these posts here and viewing some of the Flash work that people in these forums have done, I am humbled and almost embarrassed to ask a question here. But, I really need to know the answer to this question, and then maybe get some instructions for my Flash developer to accomplish this.

What we would like to do is, as Video plays, user onClick on icon and player virtually exports the image in the video frame from the streaming video (housed on a streaming server) as jpg or bitmap to another pane in the flash movie that sits adjacent to the video window.

The video would still play in the left pane, while showing you, bascially what amounts to a screen shot of the video in the right pane.

We were thinking, when user clicks the icon, the script can read the time code of the first Flash video file and then load a duplicate video file in the adjacent pane, paused at that exact time code (with no controls so it would just look like an image loaded there.

My only problem with that suggestion was, if user clicks icon for first video, then second video has to load full movie before it can show that frame at that specific time code.

Am I correct about this? Or can video start to load from a time code requested by the application?

Any help anyone could give, and URL links to resources that I can read about this would be greatly appreciated! Thanks!

djtonyz