Code is well commented. Through ActionScript you can change the blur RGB values, line thickness of the wave, the line color of the wave, the speed and direction of the blur filter. This effect can also be placed on other movieclips as well.
Enjoy!
http://depositfiles.com/en/files/60ucjsb83
http://www.zshare.net/download/606072192446d038/
http://www.megaupload.com/?d=2WX8WZ0Y
http://rapidshare.com/files/237967054/AuWaVi_by_ds.zip.html
http://www.badongo.com/file/15167593
PASS:WAREZ4U