As the name would imply, it’s almost like magic. Now flash has a real chance of becoming more then any one would have ever thought.  Alchemy brings the power of high performance C and C++ libraries to Web applications with minimal degradation on AVM2.  The C/C++ code is compiled to ActionScript 3.0 as a SWF or SWC that runs on Adobe Flash Player 10 or Adobe AIR 1.5.

For the release on Adobe labs there has been two ported libraries, ActionScript 3 OggVorbis Library and ActionScript 3 Crypto Wrapper as well the port of the famous game doom.

Alchemy is found in adobe labs.

link: http://labs.adobe.com/technologies/alchemy/