Preloading an flv in AS 2.0

Didn’t think this was going to be as complicated as I see. All I want to do is to preload an flv in a similar way a regular preloader works with the first frame having a clip that displays “LOADING” when the correct amount of the flv is loaded it moves to frame 2 and plays.

I have looked at the Flash docs for this and all the codes are based on using a component, my flv’s are being streamed and downloaded from a regular server and I need to have the playback based on the buffer time. So figure if 50% of the flv is downloaded then play the flv.

Any help as this is becoming harder as I search for help