Adobe has recently announced a program to allow developers to distribute the Flash Lite 3.1 software as part of an application, allowing Flash-based applications to be self-contained, without any requirement for the run-time to be already installed on the device, making the applications therefore no different from any native application.
Flashbot.net has published a tutorial on how to get .SWF Flash files to run on your Windows Mobile phone.
The writer reports the process is pretty simple, taking less than 30 minutes to get the application up and running. The only reservation is that Fash Lite 3.1 only support Action Script 2.0, meaning modern Flash games will probably not run properly.
Read more at Flashbot.com here.