Yes, it's possible and is very easy.
First, take a look at this FAQ: How to make a simple text editor?.
To make an HTML viewer (which can play swf files as well) instead of a text editor, we have to do the same steps except that we'll replace CEditView with CHtmlView as base class for our view.
That's almost all. To play the flash file we can further call CHtmlView::Navigate2 like in the following example