I am looking to use ogg vorbis, instead of mp3s to stream audio. It seems that Flash player does not natively support ogg. Is there a codec engine that can be embedded with the app itself that can play .ogg instead of .mp3?
In general, what would be a better format than mp3 for streaming audio and that is supported by Flash?
One of the first demonstrations of Adobe Alchemy technology was OggVorbis library for Flash. See this page for source and the lib itself.
At the recent Google IO conference, Google announced their new WebM media format, which is supposed to be supported in Flash 10.1.x. I don't know if they announced exactly when. The reason I mention it is that the audio part of the format is Vorbis. Not sure when your deadline is, but if it can wait 'til then it sounds like there will be native support soon.
There's also a Haxe decoder, see here:
http://barelyfocused.net/blog/2008/10/03/flash-vorbis-player/