Code is really simple:

this.onEnterFrame = function() { distance=Math.sqrt((Math.pow(_alpha-0,2))+(Math.pow(_alpha-0,2)))/5; _alpha-=distance _xscale-=distance/4 _yscale-=distance/4 if(_alpha<1){ this.removeMovieClip() } }



On every frame, we do the distance calculation from the actual movie's _alpha, to 0. Using this distance we reduce the scale and the transparency. If the alpha is near to 0, we just remove the movie.
Note that if you change the "5" and "4" values, particle life time will change. Here you can play with all the movie properties and also add frames for better effects.

That's all! This is not the most realistic way, but is a good approach to a simulation with a few lines of code.

You can get more examples at my blog: www.alejandroquarto.com

Attached source code at the end of the page.