As it's already been stated, you need animation to get it right. I suggest looking over Preston Blair's Cartoon Animation Book or The Animator's Survival Kit. You won't need to read the whole thing, just reference the chapters on anticipation and accents.
For example, when one throws, the action doesn't just happen, one first prepares, anticipating the throw, building up energy. In animation you prepare the viewer for the next action, thus creating a seamless link between actions. Once the ball is thrown...there is action and re-action, so the player will return to his casual pose.
The actionscript part should be pretty simple. You should get away with 3 vectors:
1 for setting the balls movement
1 for gravity
1 for friction/wind...etc.
Based on your parameters, you launch the ball, then use the distance between the ball and the catcher to figure out when you can you play the catcher's animation(s)