Create EXE from SWF

Create a new project Flex project

Application Type web application (not Desktop Application which becomes *.air)

In your Flex SDK folders you should see a 'runtimes\player\win\FlashPlayer.exe' which is a stand alone Flash player. Open your SWF with that and you'll see a 'Create Projector...' menu item in the File menu which will create the stand-alone EXE.