This question was asked long ago, and the answer has since changed to Yes. For others who stumble across this question:
The DatagramSocket class enables UDP communication. For example:
var datagramSocket:DatagramSocket = new DatagramSocket();
datagramSocket.bind(3333, "127.0.0.1");
datagramSocket.addEventListener(DatagramSocketDataEvent.DATA, onUDPReceived);
datagramSocket.receive();
Note: DatagramSocket is only available for AIR for desktop, not for devices or for Flash Player.
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