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After you create some great Flash movies, you can reuse your best stuff. Fadeouts (changing transparency), glows (soft edges), and masks are simple effects that you can use again and again. You can also reuse ActionScript on new objects. After you get a technique down, you don't need to reinvent the wheel. If you've created an animated logo, you can have an entirely new animation by merely swapping a symbol.
NOTE
You can import items from the Library of any movie into your current movie. Choose FileImport
Open External Library and then choose the Flash file that contains the Library you want to use. Then drag the items that you want from the imported movie Library onto the Stage or into the Library of your current movie. This is a really nifty Flash feature.