I know how to do this, i use it in fast kicks combos.
First animate what u want to put the Heat Haze (the speed effect) after it select all the frames of the combo and copy it, create a new symbol with Graphic, paste the frames inside it, go back to the time line and create 2 or more new layers, put the graphic of the combo in the time line BUT one frame delayed, put in the properties the option Advanced and click Edit, do the collor u want, mod the alfa rate, always if u put more hazes u will do one more delayed frame always in a other layer (optional)
And the best part... Be happy and enjoy what you have created x]
Tip, if u dont understant, tomorrow i will do a tuto to you =]