You can do something similar to this by using Export Release Build and instructing FB to Export as "Signed AIR Package for installation on desktop"
This will create a file that can be installed on a computer and behaves much like a debugger execution. A few caveats are that the user will need to resize the window manually to match a "phone size" and mobile features (camera, gps, accelerometer, etc) will either be unavailable or behave very differently than on an actual phone (depending on your code implementation).
Still, for most apps, this will give your audience a good feel of what your app will be like when released on the phone market/store.
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While it would mean a bit more work, you may also be interested in this link which describes how to run a Flex Mobile app in a web browser.
Ah, thanks alot, but in a web page I forgot you loose the AIR-specific functions like file-access, etc.