Say for example I want to convert a song like Hollowed (from bleach) I want to make sure CS3 flash can read it and allow me to import it, is there a proper way to do this?

Why don't you try to converting it into .wav file with this http://media.io/

Quote from AlphaMan

Why don't you try to converting it into .wav file with this http://media.io/

Thanks a lot! Quick question say if its something straight from youtube with its URL is there another place for that?

Quote from Ragindxdemon

Thanks a lot! Quick question say if its something straight from youtube with its URL is there another place for that?

yeah, youtubemp3.com but thats illegal.so i would do that if i were you.
at least,i think its illegal.

generally flash takes all the .wav format sounds.so if its in any other format or u wanna get it edited ,Audacity would be the best choice.u can import songs of any format and export them as .wav.