[FlashMove]

Sorry for the late reply. Here's a would be solution.
Flash Player 11 has a 1 second lag when using seek(0) with NetStream.play or NetStream.stop.
The following code provides a more seamless loop - still not perfect, but much better.

Actionscript:

var mStream:NetStream;
var mDuration:Number;

...

addEventListener(Event.ENTER_FRAME, onEnterFrame);

...

function onEnterFrame(e:Event):void
{
    if( mStream.time > (mDuration-0.05) )
    { 
        if( mLooping )
        {
            mStream.seek(0);
        }
    }
}

function onMetaData(info:Object)
{
    mDuration = info.duration;
}