A macromedia Prjector is indeed a swf file that's been wrapped in an EXE file which includes a Flash Player. This allows you to transport and share swf files without having to worry if the user has the correct Flash Player version required to play the specific swf.
There are several products that allow you to remove the swf from the exe. As well many products exist which allow you to wrap a swf file in an alternative exe wrapper which gives you more robust APIs for interoperating with the user's system in as a more traditional Windows application.
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macromedia projector
