A movie clip symbol in Flash CS3 is like a mini- movie. The advantage is that it will play according to it's own timeline and does not depend on the main scene's timeline. It is great for repetitive animations that form a part of the entire flash movie.
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Symbols in Flash CS3 are an important concept to understand. There are 3 types of symbols - Movie clip, Button and Graphic. It is best to create symbols for everything that you put on the stage so that it is easy to manage and manipulate. All symbols will appear in the Library.