SmartFox is a Flex/AIR opensource web browser.

The changes for this version include :
-loading .swf files now works (removed the transparency of the window due to a framework limitation)
-code is now signed

You can get the air file here :
http://smartfox.googlecode.com/files/WebBrowser1.1.air

Or the source files here :
http://smartfox.googlecode.com/files/WebBrowserCode1.1.zip

The google code project address is :
http://code.google.com/p/smartfox/