The Flash library is quite a mystical beeing, but if well used, it can be quite a nice way to setup your Flash workflows... I'll try to clarify all of this:
Library symbols with the "Export for ActionScript" option are actually compiled as classes. If there is no class file with the same class name, Flash will create one on compilation with the same name you declare in the "Class" field. That means, in your case, if the name of the class is "image.png" it will actually create a "png" class in the "image" package extending BitmapData (of course, it would be wiser to give it another classname, say proyect.library.MyImage)... this means you don't need getDefinitionByName, just instantiate it as you would with any other class:
import image.png;
var bmd:BitmapData = new png(0,0); //the dimensions are irrelevant but necessary
Then you need a Bitmap instance to be able to add it to the displayList:
var bitmap:Bitmap = new Bitmap(bmd,"auto", true); //see the docs for the las two args
addChild(bitmap);
//Bitmap is a DisplayObject, so you can apply transformations to it as with any Sprite or MovieClip.
All of this applies to any Library Symbol (except Graphic)... let's say you "export for AS" a sound symbol as "project.library.MySound", then you can just do this:
import proyect.library.MySound;
var sound:Sound = new MySound();
sound.start();
If you do have a class file with the same name as your library's symbol, Flash will try to use it (if it inherits the default base class).
You will notice that all of these symbols have an editable Base Class field. You can also set a custom class in there, as long as it inherts the default base class... In bitmaps it's flash.display.BitmapData, sounds are flash.media.Sound, fonts are flash.text.Font, movieclips are flash.display.MovieClip, etc...
In the case of MovieClips, as long as you don't have frames, you can also subclass from Sprite.
All of this, while it may sound a bit mystical, if well applied, can result in quite a comfortable workflow for both designers and developers working with Flash. For instance, you can just setup a nice package with the whole UI definition, and make your designers use those base classes to assemble the graphics and animations.