Technically possible, but rarely useful. Most AIR apps take advantage of AIR's access to the file system, databases, or some other AIR-only feature and therefore won't really run. I can make a helloworld.swf or maybe a calculator run in both AIR and browser, but most apps want to do more.
Actually I have certain requirement to run my swf in both air and browser. Can you pls tell me how to run helloworld.swf in both ?
Create a Flash SWF. Create an AIR project. Overwrite AIR project SWF with the Flash SWF.