From http://lacquer.fi/conduit/pixelbender/ (via Timur Kuyanov):
The latest Flash Player version 10 introduces a powerful new feature: Pixel Bender shaders. Using shaders you can bypass Flash’s built-in image effects and blending modes and instead manipulate pixels at will. Shaders are rendered in realtime, so they can be applied to video as well as images.
[…]
Conduit for Flash Pixel Bender is a visual design environment that obliterates the learning curve for Pixel Bender shaders. With Conduit, shaders can be created using drag’n’drop manipulation and with immediate visual feedback — no coding required!