Bzzzzzt. Sorry, no chance.
Flash (and, correct me if I'm wrong, all other plug-ins) draw directly into the 'box' created by an OBJECT or EMBED element, and totally wipe over any other HTML element above or below it.
Someone once told me it's possible to get around this only in IE6, but I figure that's not really playing by the rules if you design around that hack.
What it means is for a disproportionately large segment of sites is that content needs to be carefully planned around never having to write or position data over a flash element and that is somewhat limiting.
But we have to live with it for at least 2-3 years (the average lifespan of the latest browser technology it would seem).