Flajector can create windowless applications from flash movies. The transparent mode is fully supported! See the sample movie and download the generated application.
Flajector can include a flash player in generated applications. They will work well even if no flash player is installed.
Currently there are four standard classes you can use in actionscipt: Projector, Application, File, Plugin. Read more.
The application generated by Flajector is able to use external DLLs, so-called plugins. Read more.

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