I'm a big fan Lee Brimelow's gotoandlearn site; he has a ton of great flash tutorials to help you improve your skill set. One of the tutorials that was of great interest to many flash developers was this one on creating a carousel effect. The tutorial was excellent, but with one drawback - it was written in ActionScript 2! I decided to take the time and convert that carousel project to AS3.
The carousel is self-contained in one .fla file. I used the Xbox 360 logo as an example in the file, but you can use whatever image you like. Feel free to download the files below and let me know what you think; I hope you find this useful!