dragonworx, a user from the FlashDevelop message board took the time to write an SWC compilation plug-in for FlashDevelop.
So, if you’re a FlashDevelop user and you’re looking to compile an SWC library you should definitely have a look at this.
http://www.flashdevelop.org/community/viewtopic.php?t=2987
I personally have not yet put it to use as i am waiting until solutions are [...]

So the other day i was trying to build the AsWing library with the Flex SDK. Sadly, i failed miserably. I didn't even know where to start. How do you feed all the files into the compiler? What command line switches to use? So after reading basically every piece of documentation that Adobe has to [...]