I played with embedding Flash content into a CEWP a long time ago. Put the following object tag into a CEWP did what I needed it to do:
<object type="application/x-shockwave-flash" data="http://beeks.eu/swf/Railway.swf" width="200" height="200">
<param name="movie" value="http://beeks.eu/swf/Railway.swf" />
</object>
It looks something like this:
More flash clocks here: http://beeks.eu/Screensaver.htm
HTH,
<Todd />
PS: I've had this on my blog post list for ages... where does all the time go?