Library
The Library belongs to a part of the Flash interface called Panels.
Panels are sets of options/editors for working with all or part
of your movie. They contain information about objects, colors, text,
instances, frames, scenes, and entire documents. There are quite
a few panels in Flash (to see all of them, select Window
from the menu).
The Library is one of the most important panels because, as its
name suggests, it is a repository where you store and organize all
the reusable components of your movie. These can include symbols
created in Flash, as well as imported files such as bitmap graphics,
sound files, and video clips.

You can import libraries from other Flash documents, which is a
very useful way to share artwork and other content.
Flash MX provides a set of Common Libraries containing graphics
for buttons, sounds, and "Learning Interactions" such
as test items. To browse the items in the Common Libraries, select
Window | Common Libraries from the menu.
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