Based on the great tutorial of Lee Brimelow, called Advanced Filter Effects I started messing around with the ColorMatrixFilter(); an Actionscript 3.0 Class that lets you apply a 4×5 matrix transformation in the RGB color and alpha values to the pixels of an image, and produce a new RGBA alpha value this can be applied to any display object.
So it’s quite addicting messing around with those values and get different results, this example is not at all finished it’s quite buggy still you can get some nice waving effects anyway check it out here:
ColorMatrixFilterExample and be sure to stop by www.gotoandlearn.com Lee has an unique way of explaining things very good and make difficult things look like is a piece of cake.

The ColorMatrixFilter Fun in Actionscript 3.0 by David Gamez, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-Noncommercial 2.5 Mexico License.