Hi. Let me present you a nice flash application which can create a mask on the fly using only some control points and anchors. With this application you can mask any object, image, movieclip in real time, by dragging the control points and the anchors to create the curves for your final mask shape.
You can add unlimited control points to create your shapes.
It can be used on makeover applications, lips, eyes, face, etc, or maybe some flash games.
Feel free to ask me anything if you need help. 
P.S. The publish size is a lot smaller than 85kb (i have 85kb in the example just because of the photo inside flash)
UPDATE :
- Added drag function for the entire retraceable mask. Enjoy! 


