Vijay,
As far as I know, TestComplete does not support the AMF protocol. Most likely, you will be able to record and replay the traffic, but you will not be able to view, check or change the data.
I'd suggest paying attention to
LoadComplete. This product was specially engineered to perform load testing of web applications. It includes superior support for AMF: you will be able to record and play back user scenarios on Flex applications, view and parameterize requests without writing script code. Try a
LoadComplete trial (it's free) and decide yourself.