I found an example using Flex and AIR to record a video file to a local directory (http://www.zeropointnine.com/blog/webcam-digital-video-recorder-for-air-updated/), but this was essentially a hack that took a snapshot from a webcam at a set interval, eventually cramming the shots together to produce a RAW video file. While this app produces a decent video file, an audio stream is not captured and the final video file is silent. The app is also over 2 year old.
I recently learned that AIR now contains functionality that will allow you to record an audio stream to an MP3 file in a local directory. Has anyone taken these two ideas and combined them to produce an AIR app that will create a file with both audio and video?