http://bugs.winehq.org/show_bug.cgi?id=19608
--- Comment #1 from Rod Schaffter rodschaffter@gmail.com 2009-08-07 14:15:56 --- This bug exists in Wine 1.1.27 as well.
After compiling 1.1.27, I deleted the .wine subdirectory, ran wine iexplore.exe to create a new wine directory and download gecko 1.0. I then installed the Windows Adobe Flash plugin. The remote swf file cited above works, whilst the local version copied to the Wine c_drive does not open. Viewing a local text file did work with iexplore.exe.