Outlook does have the ability to display Web pages or formatted HTML in a
folder view but I don't think you can use that for a flash file unless you
code a Web page that will do that. You would have to code the page to take a
querystring argument that has the name of the flash file and shows it in the
folder. There are security restrictions on Web pages shown as Outlook folder
views, so you might not get this to work or you might have to implement the
safe for initialization and safe for scripting interfaces in your Web page
code to make it work. I haven't tried any of this so you'd have to
experiment.
The Web page methods for Outlook folders are in the MAPIFolder object, look
them over in the Object Browser.