I was already writing about the problem of SharePoint filtering out the embed code for Flash content and a workaround to this issue.
There were some questions in the comments and also maybe the instructions weren't quite clear, so I've made a screencast showing the entire process.
Sorry for the bad sound quality. I've had trouble with microphone, so thanks to Audacity I didn't need to record again. Below you can see the video screencast published on YouTube (Strange, MSN Video didn't want to process it). If you want to see the video in better quality (not sound) and with Table of Contents, click here (17 mb streaming flash, 9 minutes).