Macromedia flex 2 Manual

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CHAPTER 6
Compiling Components
When you compile an application, you create a SWF file that a user can download and play. 
You can also compile any custom components that you create as part of the application.
When you create a component, you save it to a location that the Flex compiler can access. You 
can save your components as MXML and ActionScript files, as SWC files, or as Runtime 
Shared Libraries (RSLs). This topic describes the options you have when you compile 
components.
Contents
About compiling
You compile a custom component so that you can use it as part of your application. You can 
compile the component when you compile the entire application, or you can compile it 
separately so that you can link it into the application at a later time.