Welcome dream!!!!!
The iPhone does not do Flash...yet. Adobe has stated that they are working on it. I expect it to be coming soon if Adobe can make it work. It is in Adobe's court to make it happen. There is a Blog about, you just have to search for it. I believe that same Blog said that Hulu was working on re-optimizing there site to allow their videos to be played on the iPhone as well.
what is hulu?