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To fire up the project in Flex, do the following.

1. Click download and unzip/untar to a local folder.
2. Open Flex, select File→Import→Flex Project
3. Select “Project folder” and select your new videoplayer folder.
4. Right click on your project go to Properties
5. Navigate to Flex Build Path → Libraries Tab → Add SWC
6. Now add the lib/corelib.swc from the newly created folder to your project from