Flash Builder is a small free tool which converts SWF applets into Windows EXE files, allowing anyone to run them on the Windows desktop.
The conversion process is very simple. Select your target SWF file; optionally give the program an icon and splash screen; set the border to be black, white or transparent, and click Build. An executable is created in the same folder as the source (Flash.SWF > Flash.exe), and the program opens an Explorer window at that folder for you to test it.
Your converted executables support translucency and can have a window of any shape. This can look interesting, but it also means they won't have a border, so you don't get a standard minimise or close button. That can be intimidating, especially when they run full-screen, but you can always close down your applet by right-clicking the mouse and selecting Exit, pressing Alt+F4, or just using any Close option within the applet itself.
Version: 1.24 · New: Splash screen can be png with transparency too
Flash Builder worked as advertised for us, quickly converting all our test SWFs into stand-alone executables ready to run on our desktop.