Conversion of Flash animation or video (without sound) to
other high resolution image formats such as JPG or PNG is
posibble though it is a slow & manual (by hand) process.
You can use the (free) VLC media player to extract still frames from flash.
jQuery and a quick search of google for "jpeg animation + jQuery" should
find you a demo pretty quickly.
Less well known about is the APNG image format, animated PNGs!
these support 24-bit images and 8-bit transparency not available for GIFs
Not all browsers support the format but those that do will see the ball bouncing,
APNG is backwards compatibale so older browsers just see a regular static png image.
Building them is not easy but the GIMP graphics editor does now have a plugin
that can handle them as for photoshop it's not supported at all.
I'll be covering this in the second half of my Dynamic Animated Signature Tag tutorial
over at Lovelogic.net in the near future.:x
Interesting problem, I hope this was useful to you.