Flash provides the ability to modify the RGB values of an image but it does not provide any direct way of making changes based on the HLS color model (or Hue/Saturation/Lightness, as in Photoshop). To do so requires some calculations to convert between the two color models. In September 2005 Mario Klingemann posted a demonstration of how to do this along with his downloadable ColorMatrix class. The code posted at the time was, of course, ActionScript 2. Here is Mario's demo converted to ActionScript 3.
Download source code (ZIP, 875 KB)