In Flash CS4, open a new document, change the background colour to something recognizeable (like magenta) and add the following code:
var loader:Loader = new Loader();
loader.contentLoaderInfo.addEventListener(Event.COMPLETE, function(e:Event){addChild(e.target.content);});
loader.load(new URLRequest('newsnakelub8.png'));
... replacing the .png filename with any you happen to have handy, I grabbed this one. Compile the .swf, and join me in a sigh of disapointment - the normally transparent .png now has a white background, not allowing the flash background colour to show through.
Is there a magical 'treatAsPNG24' property that I'm missing somewhere?