
The Flash port project is called Frash. Recently it became available for iPad, now iPhone users can install it on their devices. Of course you need to jailbreak, since Apple doesn’t support Flash in iDevices.
Credits go to hackers for the Frash port and for compilation.
Here is the video proof from redmondpie:

Having problems activating your iPhone? Don’t have original SIM-card? Cannot get passed emergency unlock screen? We have a solution:
If you have iPhone 3G, just use redsn0w to jailbreak and hactivate. If you have iPhone 3GS or follow these instructions:
If you are already Jailbroken:
So you have an iPhone with iOS 4.0, but don’t have the original SIM and stuck on the Emergency Call Screen:
If you are not jailbroken