Here’s a great example of someone harnessing the power of Flex to create their own custom component. It’s a time control very similar to the one that Windows uses. You change the hour, minute and seconds section seperately, using either the keyboard or the number stepper. The source is available to see and extend for yourself. Great work Brendan Meutzner!
http://www.stretchmedia.ca/code_examples/time_entry/TimeEntryTester.html