Wow, I tried it and it did work!
I swear I tried this at least 5 times before and it didn't work! Probably the first couple of times it was because I didn't have the component in the library, but I could swear I went through this process before. Damn!
Somehow I came to the conclusion that createClassObject was a method of UIObject/UIComponent and could not be invoked from a MovieClip.
Thanks, Anand, this really made my day.