AS3 Media Player - XML Playlist with Preloader

Content
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First off, I am not a Flash developer and am sure my code is not great… so I am open to ideas and suggestions.

I have created a AS3 media player that will play video and images (for a duration). The player grabs the files from a xml playlist. I have this working. It will loop through the items and start over once it gets the end.

But what I am stuck on is preloading each item when called. Currently I am not preloading the media item, and depending on the size it may take a few seconds to load.

I created a simple preloader function, but I am confused on how to call the this function on each item load.

AS3 Code

var nodeId:String;
var networkPath:String;
var adItemPath:String;
var hostPathXML:XML = new XML();
var nodePathXML:XML = new XML();
var itemsArray:Array = new Array();
var itemsCounter:int = 0;
var position:Number = 0;
var i:Number = 0;
var adCountMain:Number;
var adTypeMain:String;
var adDuration:int = 0;
var adSrcMain:String;
var video:Video;

var resetPlayer = false;

var image:Loader;
var mySound:SoundTransform;
var connect_nc:NetConnection = new NetConnection();
	connect_nc.connect(null);
var stream_ns:NetStream = new NetStream(connect_nc);
	stream_ns.client = this;

function callPHP() {
	
	var request:URLRequest = new URLRequest("http://url here");
	request.method = URLRequestMethod.GET;
	
	var variables:URLVariables = new URLVariables();
	variables.position = position;
	variables.duration = adDuration;
	request.data = variables;

	var loader:URLLoader = new URLLoader();
	loader.addEventListener(Event.COMPLETE, initializePlayer);
	loader.dataFormat = URLLoaderDataFormat.VARIABLES;
	loader.load(request);
	
	
}

function initializePlayer(evt:Event) {
	if (resetPlayer)
	{
		if (adTypeMain == 'Video')
		{
			removeChild(video);
		}else{
			removeChild(image);
		}
	}else{
		resetPlayer = true;
	}
	adTypeMain = evt.target.data.adType;
	adSrcMain = evt.target.data.adSrc;
	adDuration = evt.target.data.duration;
	position = evt.target.data.position;
	setMain();		
}

//Create Video and Image Player
function setMain() {

	if (adTypeMain == "Video") {
		video = new Video();
		video.width = 1046;
		video.height = 588;
		addChild(video);
		video.attachNetStream(stream_ns);
		stream_ns.play(adSrcMain);	
	}
				
	if (adTypeMain == "ImageBased") {
		image = new Loader();
		image.contentLoaderInfo.addEventListener(Event.COMPLETE, onLoaderReady);
		var newImage:URLRequest = new URLRequest(adSrcMain);
		image.load(newImage);
		
		function onLoaderReady(e:Event) { 
			addChild(image);
			image.width = 1046;
			image.height = 588;
			callPHP();
		}
	}
	
}
		
//Watch for end of Video
stream_ns.addEventListener(NetStatusEvent.NET_STATUS, checkStatus);
function checkStatus(e:NetStatusEvent):void { 
	if (e.info.code == "NetStream.Play.Stop"){
		adDuration = 0;
		
		callPHP();
	}
}

callPHP();
Mouse.hide();

Pre loader Function

var l:URLLoader = new URLLoader();
l.addEventListener(ProgressEvent.PROGRESS, loop); 
l.addEventListener(Event.COMPLETE, loadVideo);
l.load(new URLRequest(movie));


function loop(e:ProgressEvent):void {
	var perc:Number = e.bytesLoaded / e.bytesTotal;
	percent.text = Math.ceil(perc*100).toString();
}

function loadVideo(e:Event):void { //Video Player
	removeChildAt(0);
	percent = null;
	video = new Video();
	video.width = 1000;
	video.height = 270;
	addChild(video);
	video.attachNetStream(stream_ns);	
	stream_ns.play(movie);	
}

Any help would be great!

Thanks,