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You can not edit an FLV. You need to have its source video file to edit it. Also, Flash is not a video editing program, you'll need other software to edit video, like After Effects.
Thanks for the reply, it is appreciated.
Is After Effects an adobe product? If so is it included in CS3 or would I need to make an alternative purchase?
Depending on what type of editing. there are two products for video editing from Adobe - After Effects which is for a whole range of advanced color touch ups and some special effects. If it's just doing things like assemblying video and sound files and taking them and placing them in the correct order, etc. you would use Adobe Premiere CS3.
Also, since you're MAC based you could look at Apple's Final Cut Studio for a whole range of products as well.
If you're purchasing from Adobe look at the Video Production Suite.
For the Final Cut Pro, the industry standard check out their website