The code to embed the above swf movie is

<OBJECT CLASSID="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" WIDTH="[u]544[/u]" HEIGHT="[u]499[/u]" CODEBASE="http://active.macromedia.com/flash5/cabs/swflash.cab#version=7,0,0,0"><PARAM NAME=movie VALUE="[u]swf/waverings.swf[/u]"><PARAM NAME=play VALUE=true><PARAM NAME=loop VALUE=false><PARAM NAME=wmode VALUE=transparent><PARAM NAME=quality VALUE=low><EMBED SRC="[u]swf/waverings.swf[/u]" WIDTH=[u]544[/u] HEIGHT=[u]499[/u] quality=low loop=false wmode=transparent TYPE="application/x-shockwave-flash" PLUGINSPAGE="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"></EMBED></OBJECT>

It is more than just upload swf file. (I upload it to my server with ftp) , it also require the [b]width[/b] and [b]height[/b] values to set the size for the movie.
You can upload swf file to any server. And replace the above swf/wavering.swf with fully qualified URL.
And it should work fine.