something like this on your movie clip instance should work:
ActionScript Code:
onClipEvent (enterFrame) {
var rot = 5;
if (Key.isDown(Key.RIGHT)) {
this._rotation += rot;
}
if (Key.isDown(Key.LEFT)) {
this._rotation -= rot;
}
var speed = 10;
var x = speed * Math.cos((Math.PI/180)*_rotation);
var y = speed * Math.sin((Math.PI/180)*_rotation);
if (Key.isDown(Key.UP)) {
this._x += x;
this._y += y;
}
if (Key.isDown(Key.DOWN)) {
this._x -= x;
this._y -= y;
}
}