To embed a SWF file in Excel, you can use a developer toolkit.
Step 1: In Excel go to the “Developer” tab.
If you do not have a developer tab, here is a quick article that shows you the step by step
Step 2: Click on the “Insert” icon.
Step 3: Select the “More Controls” icon in the lower right.
Step 4: In the “More Controls” dialogue box, select Shockwave Flash Object
Step 5: Click and drag to create a box that will contain your SWF.
Step 6: Right click anywhere in the object and select Properties.
Step 7: For the Movie property, enter the URL to your SWF file. You can use a URL (HTTP) or a local file (C:)
Step 8: To force the container created in step 5 to load the SWF, simply re-size it. You will see the box go white but you will not be able to see the SWF file contents yet.
Step 9: If you would like to embed the SWF file inside of your Excel file, go to the Embed property and set it to True. You can only do this after successfully completing step 8.
Step 10: To view your SWF file, you will un-check “Design Mode” which will trigger the SWF to load