Can I download and use SWFs at runtime?

Yes, you can load a SWF the same way you would load a Bitmap.

var loader = new Loader();
loader.contentLoaderInfo.addEventListener(Event.COMPLETE, onSwfLoad);
loader.load(URLRequest("path/file.swf"));

...

function onSwfLoad(e:Event):Void {
    
    addChild(cast e.target.content);
}

More info here: Load External Swf Library

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