ActionScript 3.0 :: Option For Creating Bullets?

I could create a movie clip for a bullet and create a new instance of one every time a bullet is fired. Then, I could have 100 little bullets all flying around checking collision detection...

There must be a better, more efficient way to do bullets. Anyone know of anything already out there?Otherwise, I could create a collision detection queue for the bullets, or predict where the bullet will fly (since it is usually always linear), but if the bullets become larger, the actual movie clip of the bullet may be wide enough to hit something, but the line the bullet is traveling does not necessarily hit that other object.

But is there a fast, efficient system or way of handling things already out there?