<p>Is it possible to play video from data that has been embedded in a swf at compile time (with the <code>[Embed]</code> metatag)?</p>

<p>The "Import Video->Embed" feature provided by Flash CS3 etc. is not acceptable because it has many severe limitations (including sound synchronization issues, a maximum number of frames, and other caveats)</p>

<p>I'm interested in being able to bundle flv video data in a swf (along with other assets), which will be played by an AIR application.</p>

<p>I don't think it can be done. Anyone disagree?</p>

You can import a flv into a swf file using the Flash IDE - I've done that before. You can drop it onto the timeline of a MovieClip just like a sound and then drop that movieclip onto the stage for it to play. In Flash CS3 do File>Import>Import Video and select the flv. Choose the video and then on the next stop of the wizard choose "Embed ..... ", Here is a link to an
Adobe Developer center article on embedding flvs into swfs
.
I have not done so myself, but I can see no reason why you could access the flv from the library of a loaded swf.
FYI: It looks like this was a bug that was deferred. It doesn't look like Adobe currently allows embedding using the Embed meta tag. Here is a
forum post
on the issue and a link to the
bug tracker
.