hola, yo lo pongo así y funciona...
<script src="../Scripts/AC_RunActiveContent.js" type="text/javascript"></script> <!-- es script es necesario para que el explorador muestre bien el swf y lo inserta por defecto DW Cs3 -->
<script language="JavaScript" type="text/javascript">
AC_FL_RunContent( 'codebase','http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0','width','836','heigh t','377','wmode','transparent','src','images/top','quality','high','pluginspage','http://www.macromedia.com/go/getflashplayer','movie','images/top' ); //end AC code
</script>
<noscript> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="836" height="377">
<param name="movie" value="images/top.swf">
<param name="quality" value="high">
<param name="wmode" value="transparent" >
<embed src="images/top.swf" quality="high" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="836" height="377"></embed>
</object> </noscript>