Upon initial google search for the above title phrase, I came across no results! Only after resorting to my second search avenue (Google Books :)), did I then stumble across “The CS5 bible“.

Thanks to the brilliance of Google Books, I was able to read through only the chapters I needed (you rock Google!) and discover the solution I was actually looking for was – Adobe Air.

Adobe Air allows you to embed HTML as well as other content within the html, such as JS and additional flash files all within a flash framework allowing you to utilize actionscript and other traditional elements. The end result is now an extremely portable flash file which acts as a wrapper or window to your web application. This is also now very easy to port into a standalone out of browser application using the “projector” functionality of CS5.

The code:

var container:Sprite;
var html:HTMLLoader = new HTMLLoader;
html.width = 400;
html.height = 600;
var urlReq:URLRequest = new URLRequest("http://www.adobe.com/");
html.load(urlReq);
container.addChild(html);

References
Google Books, http://books.google.com/
Amazon, http://www.amazon.com/Photoshop-Bible-Lisa-DaNae-Dayley/dp/0470584742
Adobe Air, http://www.adobe.com/products/air/
Adobe LiveDocs, http://livedocs.adobe.com/flex/3/html/help.html?content=ProgrammingHTMLAndJavaScript_02.html