Here is yet another exciting Flash-related Ruby project. Takuma Mori at Vixy.tv recently released RubyIZUMI, an open source streaming Flash server that can stream H.264 encoded videos over RTMP that is written in pure Ruby.
You can check out a demo of the server in action here.
It looks like there is another project, in addition to IronMonkey (which I wrote about in a previous post), that is looking to bring Ruby support to Flash/Flex (and JavaScript).
HotRuby is a Ruby VM, which is written in JavaScript, that runs opcode that is compiled by YARV (the VM that is used in Ruby 1.9).
Using HotRuby it is possible to use straight Ruby to build a Flash app. Here are a couple Flash examples from the HotRuby website:
You can grab the source files for HotRuby from the Google Project site.