you can use flash.filters.ColorMatrixFilter - there are examples in the linked documentation.
it's also very easy to do this using Tweener's ColorShortcuts by assigning the _Color
property a hexidecimal color value. this method additionally lets you very easily fade in the color by optionally assigning a non-zero value to the required time
property.
Tweener.addTween(myShape, {time: 0.0, _Color: 0xFF0000});
keep in mind that any bitmap filters, like drop shadows, or any children of your shape (if it's a sprite) will also change color. although it's just as easy to separate each element of your shape by using a container.
[EDIT] rather than using Tweener, as i hastily suggested earlier, or the rather complicated ColorMatrixFilter, you can use a ColorTransform object to easily change the color of a display object. this is also the most common approach in AS3. here's an example:
import flash.geom.ColorTransform;
var myShape:Shape = new Shape();
myShape.graphics.beginFill(0xFF0000, 1.0);
myShape.graphics.drawRect(0, 0, 100, 100);
myShape.graphics.endFill();
addChild(myShape);
var myColorTransform:ColorTransform = new ColorTransform;
myColorTransform.color = 0x0000FF;
myShape.transform.colorTransform = myColorTransform;
the above code draws a red rect, adds it to the stage and then uses a ColorTransform object to change its color to blue.