Adobe has released a CS3 Update which now offers the ability to build AIR applications in Flash CS3. Now is the time, start developing some sweet AIR applications!
The Adobe® Integrated Runtime (AIR) update for Flash® CS3 beta 1 software will allow you to package and preview .air application files directly within Adobe Flash CS3; leveraging your existing Flash development skills to build desktop-enabled distributed applications and experiences with the Adobe AIR™ framework.
http://labs.adobe.com/wiki/index.php/AIR:Flash_CS3_Professional_Update
[...] hours after Adobe released the Flash CS3 Air Compiler, they have released an update to the Flash [...]