This TV noise effect is created using a Pixel Bender filter (kernel).
The filter supports any kind of flash asset, including: videos, images, external SWF files, FLV & MP4 videos, youtube videos, sprites and anything else flash can render!
to implement the effect simply include the filter class in you as3 project, set the movieclip you want to filter and run the filter.
the filter is fully customizable for noise frequency, noise type, wave length and wave skew,
it also come with an internal animation engine for some random fun!
The files come with a complete documented demo which includes an AS3 youtube player.