I've found a very interesting project today: JITB.

As the thread title says, it is a Java based flash player. According to the blog post, it currently renders a subset of ActionScript at almost native Java speed.

Basically, the goal of this project allows all java-supporting devices (phones, desktops, etc) to run flash files. They even explicitly mention Android as a target for this project.

Please note this project is far from finished; the whole flash API has yet to be implemented, so don't get all overexcited yes

Hopefully this will make our already superb Maemo devices even better

Source: http://blog.joa-ebert.com/2010/08/19/introducing-jitb/