Thanks for info on IE8 script with support for Flash Player and ActiveX.
The development will continue and in future it will also be available in 7 PE made with Make_PE3 program.
At the moment I advise for Flash Video to make use of Portable VLC player in PStart Menu, which can be used from Portable 7 PE.http://portableapps.com/apps/music_video/vlc_portable
VLC media player is a highly portable multimedia player for various audio and video formats (MPEG-1, MPEG-2, MPEG-4, DivX, XviD, WMV, mp3, ogg, ...) as well as DVDs, VCDs, and various streaming protocols. It can also be used as a server to stream in unicast or multicast in IPv4 or IPv6 on a high-bandwidth network.