Embedding an Adobe Flash file in PowerPoint is fairly straight forward. Click the link below to watch a mini movie about how to embed Flash easily.
How to Embed Flash in PowerPoint
It is also worth noting that this guide only works for PowerPoint earlier versions prior to the 2007 release (thanks phtar!).
A very good guide for the 2007 version is available here (scroll past all the various ads and freebie software until you get to the 2007 guide).
Enjoy.
Connect: