Yes - but it will only work within Internet Explorer.
If you are exporting your movie AND HTML page directly from SWiSH ... Just open the Export Panel ... select the export options for HTML ... go to the Window Mode dropdown menu and select "Transparent" ...
If you create your HTML page elsewhere - you will need to add the following bit of code:
Code:
<param name="wmode" value="transparent" />
... just edit your HTML page and find the other <param> tags - and add that under one of the others.
Cheers,
Brian