I followed a tutorial by Lee Brimelow. It uses a Physics engine (Nape) and Starling Sprite on steroids (Stage3D).
Go check it out on:
http://www.gotoandlearn.com/play.php?id=157
Demo:
http://www.protorabbit.nl/flash/NapeAndStarling/NapeAndStarling.html
Source:
http://www.protorabbit.nl/flash/NapeAndStarling/scrview/NapeAndStarling.zip