Beautiful twist!
This has got to be one of the finest serious shorts I've seen on this site. The narration was clear enough, but there were points wherein the background music would drown it.
Too bad Red Riding Hood died. She seemed convincingly strong though, breaking that metal corset and all... ;-P
And not to forget, the beautiful animation! It matched well with your own interpretation of the story -- didn't drag, and had enough build-up. The wolf really scared me!
Excellent work! An inspiration to aspiring Flash animators.