The purpose of that product is to embed in HTML. If you're using AIR and use a StageWebView (which displays a native browser/HTML) then yes you could. Otherwise the purpose is specifically NOT to require Flash Professional. It's a fallback player, which means it attempts to use HTML5/MP4 as a best practice. If it senses no mp4 support it falls back to a flash player/SWF. The very nature of it overall is a copy and paste media player to use if you don't have Flash Pro.
It's based on OSMF, which is a player you can use inside Flash Pro:
http://www.opensourcemediaframework.com/
API:
http://help.adobe.com/en_US/FlashPlatform/reference/actionscript/3/org /osmf/media/package-detail.html
