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is it possible at all?
Use FlashJester JStart
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Not sure how Jstart would be in any way relevant to that... its for launching external apps from a projector from what I understand.
The player at the end of the link looks very good. I couldn't say for sure but I can only assume they're doing the frame by frame stuff by 'caching' bitmapdata copies of the real video frames in memory (rather than using single frame combinations of pause(true) pause(false) for the NetStream. The reason I think this is that they also do reverse frame by frame and that's impossible (between keyframes) without doing a bitmapData capture of the recent frames.