Starting with the Flash standalone players 11.3 it is not possible any more to create a Flash projector from a SWF file. The menu entry for creating a projector in the Player's file menu is disabled. This occurs with all my SWF files (debug and release builds) in both the 11.3 standalone release and debug players.
I first encountered this problem on a Windows XP SP3 machine. However the same occurrs on a Windows Vista SP2 machine and on a MacBook running with OS 10.6.8, so it seems to be a general problem.
Anyone who encounters this issue please give it a vote in Adobe's bug base