I chatted with Abdul about this yesterday. It seems that creating an HTTP Client using flash.net.Socket is feasible. My initial test examples resulted in the ability for AS3 to read/write Cookies and Auth headers as well as supporting multiple HTTP requests over a single socket connection. I sent Abdul some code and he put together a great example using HTTP Auth headers over HTTP. Great Work Abdul!
HTTP Authentication for HTTP/GET requests using ActionScript 3
I am driving to DC this weekend and hopefully this will be my last move for at least a year. See ya in DC! :)
Cheers,
Ted :)
DIGG IT! 
Cool. Please say "hi" to Chaffic in my behalf too..
-abdul
Dear Ted,
Can you clarify on the topic
can mx:HTTPService read/write cookie values at the server side?
Christophe Coenraets was doing some demo back in 2004, but unfortunately, currently his blog is down.
I looked at the page from Google Cache:
http://64.233.183.104/search?q=cache:LTHGjsEnmZoJ:coenraets.com/viewarticle.jsp%3FarticleId%3D73+read+cookie+value+in+Flex&hl=en&ct=clnk&cd=2&client=opera