Adobe Flex Linear Audio Streaming RIA

We need a Flex application that streams live audio to a red5 server for recording. Users should be able to select the audio input source, see the current timestamp and see audio levels with a vu meter. A timeline with live waveform data is also needed. The timeline needs to grow in realtime as the audio recording progresses. On top of the timeline users will be able to tag different sections of the audio while recording in realtime. Each tag allows users to edit different attributes about that particular section of audio. Data will be initially loaded from XML. Data changes will be sent back to a PHP server. Please fully read the attached preliminary product scope for more information and a UI mockup diagram.