There was a topic recently on this site where a site had a banner or logo done in Flash. It also had a link embeeded to another version of the site in Spanish, I think. That's what started the topic. The only link to the other version of the site was embedded in the Flash and Google had indexed it.

Someone in that thread mentioned they could see the link, if they opened the Flash file as a text file, but I'm not sure how that worked.

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DrTandem's San Diego Web Page Design, drtandem.com