to create visible activex control, use CAxWindow to create it.
#import "c:\winnt\system32\macromed\flash\swflash.ocx"
using namespace ShockwaveFlashObjects;
CAxWindow m_container;
...
m_container.Create( hWnd, rc, LPCTSTR("ShockwaveFlash.ShockwaveFlash.1"), WS_CHILD|WS_VISIBLE|WS_HSCROLL|WS_VSCROLL );