Last year, I wrote a blog on SCN titled Blag's Flex 3 Compiler which was basically, a Ruby application using WxRuby for the GUI and Flex 3 SDK to compile Flex and AIR applications.
You may wondering why I'm posting again after 1 long year...easy...I finally could get an .EXE version working.
When I first developed the compiler I tried to build an .EXE using RubyScript2Exe and Exerb, which are amazing Ruby to .EXE scripts...but both failed when I came to WxRuby...
A couple of days ago...I found Ocra. Gotta say this...Ocra rules badly! It's fast, compiles anything and most important...keep the generated .EXE files relatively very small...
So, here the link for the compiler...And don't forget to read the README file -;)