Flash CS5 - Air 2 - local file access

I’m sorry if this is addressed somewhere, but I did try to find it. I have a Flash project that plays FLVs from (http://) sources and it works fine when I publish it as AIR 2.
I want to save and access my FLVs locally, but I can’t seem to get it to work. I don’t know if it is a matter of the correct path syntax, I’m also not sure what an Air app sees as a relative path.

Does anyone know what it should look like in as3? This is what it looks like for http:

stream.play(“http://domain.com/subdir/file.flv”)

How do I make this local?

Thanks.