Check the sample of converting SWF flash movie to SCR (standalone Windows screensaver file) using SWF Scout SDK.

SWF Scout provides functions to convert SWF to EXE (find sample source code) and SWF to Windows screensaver file (SCR).
 

SWF Scout generates standalone SCR file that does not require any additional files for work. You can select the flash movie for screensaver, text appearing in About dialog, title, and watermark image (very useful if you need to create "demo" version of your screensaver)
 

Below is a sample code that generates SCR screensaver file using given SWF file, RTF text file with information for "about" dialog and watermark image:

Set SWf2EXE = CreateObject("SWFScout.SWF2EXE")
 
SWF2EXE.InitLibrary "demo", "demo"
SWF2EXE.ConvertSWF2SCR2 "Shapes.swf", "Heading.dat", "About.rtf", "About my Screensaver", "swfscout_logo.jpg", "Shapes.scr"
' use .ConvertSWF2SCR instead to generate screensaver without watermark image

Download source code: