I'd assume it could, if you leave a browser open and use alt+tab to switch windows in the same fashion you'd change tabs on a browser.

The tab-switching tech works because some browsers -- in particular recent versions of Chrome -- will heavily throttle Flash apps running in inactive tabs. (See: https://saumyaray.wordpress.com/2011/07/14/flashplayer-throttle-solving-a-problem-or-creating-one/ .) Because operating systems do not usually throttle unfocused applications, I do not expect that this behavior can be emulated with a standalone Flash player.

Well, if someone made a flash player that perfectly copied a browser's flash glitches, then alt+tab would theoretically work, right?