So far I used the TUIO library.
But recently I have heard very much about the library provided by bubblebird.
However I struggled a lot in making it work with CCV. I found an answer though.
These are the steps
1. In CCV you need to select and option to send OSC data (and not TCP data to Flash)
2. Download UDP to Flash bridge.
3. In .as file where you are making connection use LCConnector. (This is nothing but LocalConnection for Flash)
4. Make sure the port on which all communication (CCV to Flash bridge to Flash file) is happening on one port (usually CCV sends data on port 3000 and Flash bridge listens and sends data on port 3333, similarly the TUIO library is also by default set to listen for data on port 3333). So just go to config.xml file in CCV package and change port number to 3333.
Voila, you are done.
A nice article explaining the same thing is given at cyan design.