I would like to embed Flash Player directly inside a C++ or Java application.
I found an article that describes how to do this for C#: http://www.adobe.com/devnet/fl
One simple way to create a Flash player in your window: AtlAxCreateControlEx.
To receive and send events, you will need a sink: AtlAdvise. You will need to define the functions receiving events on the ActionScript (i.e. Flash) side too.