I successfully opened AS accounts for 4 family members and transfered them via points.com to AA. The process is about as clear as mud, but here's my best recollection of it:

stephlac's information is correct as far as it goes, but you also must have a myalaskaair account AND ACTIVATE IT with the code they snail mail to you before points.com can hook into your account. You can get your special AS/points.com PIN before or after activating myaslaskair by following the link from your points.com AS account information page. If the activation of myalaskaair is your last step, you have to go back to your AS profile at points.com and update the record - even if you have already entered everything including your AS/points.com PIN. This causes the points.com system to recheck for authorization from AS's system. After you do all this, it only takes a couple of hours at most before the "pending" is gone from your points.com and you can request the transfer of 1500 AS points to 176 AA miles.

It looked like you could transfer as few as 10 or so AS miles to get 1 or 2 AA miles, but I transfered the whole 1500 for each of us because I'm not really interested in leaving AS miles stranded. BTW, you get one free transfer when you set up points.com, so the whole messy process costs you nothing but time.