I've seen this one coming for a while, and I'm in favor. Essentially AIR (adobe integrated runtime) is a standalone browser. So you can run websites like applications on your desktop.
The freedom of developing web tech without worrying about browser compatibility is a grand thing indeed. I knocked out this sample app in about 45 minutes, it's enabled by the fact that air lets you do cross domain httprequests.
You'll need to install the air platform from here
Heres the source code for the slideshow
So here you go, its a random slide show of the vicemagazine dos' and donts'.