That is possible, but trust me when I say you really don't want to do that, as it'll cause the file size of the flash movie to absolutly sky rocket and it'll slow down even the beefiest computer when you try to animate it.
Obviously, you're new to working in with vectors images. I suggest you do some google searches on the difference between bitmap/raster images and vector images. Having a good understanding about the differences will greatly help when your working in Photoshop whilst planning to use the media you produce in a vector environment like flash.
Although, flash isn't just a vector environment, it can use several different bitmap formats for displaying images as well. I strongly suggest you read through the manual and help files on how to best use and import images in flash. On top of that, some more googling about on how to best optomise bitmaps in flash would also help a lot. Actually, I believe there are some previous forum posts here dealing with how to best optomise flash movies, you might want to read through that as well.
Sorry I couldn't provide a quick fix for you, but in this situation there really isn't one. You need to read up on the technology you're using so you know what you can't/can do. The kind of image(s) you're using may require completly different approaches in order to get the best results in regards to the quality and performance of the flash movie.