Ocean wave effect with Flash/ActionScript?

Hello Everybody!

I’m new to Flash and ActionScript and would like to know if it is possible to create following effect.

I want to create animated effect of a curve or shape been distorted as a fluid in an open ocean wave.

I wonder if it is possible to do it with ActionScript with some math (sin, cos … + translation).

It would be nice to be able to move curve/shape control points (nodes) directly, depending on current coordinates and some math transform functions.

Any ideas, tips?

Thanks!