Yeah, if you Live Trace the image and then hit Expand and maybe Ungroup it should break it into individual pieces. You may want to then view it in outlines (CNTL Y) to see if there are any misc. boxes or other items left over from the image that you do not want.
Before you hit Expand you can go in and adjust how detailed you want Live Trace to make your vector image. If you are looking to animate the individual body parts you may still have some work on the resulting vector slicing it up into its individual parts.
It might have been just as easy to just do it all in PS. You could just outline each individual body part copy and paste it into a new file and save each body part as a sepparate Ps/PNG file and the import each of those into After Effects… unless you are going to enlarge any of the body parts a lot, then I would do it through AI.