SWF: The SWF graphic file format is a version of the Macromedia Flash Player vector-based graphics format introduced in 1997. The SWF file format is ideal for presenting vector-based interactive and animated graphics with sound for the Web. Vector images are ideal for graphics with solid areas of color and distinct object definitions. Because a SWF file is vector-based, its graphics are scalable and play back smoothly on any screen size and across multiple platforms. A vector animation usually has a smaller file size than a bitmap animation.
Visit http://www.the-labs.com/MacromediaFlash/SWF-Spec/SWFfileformat.html for more about SWF
Flash: It is a vector-based animation technology, developed by Macromedia. It is small in size, so it is quick to download but with high quality and can be displayed on computers smoothly. The most commonly used flash player is the Macromedia Flash Player, which is the standard for delivering high-impact, rich web content.
Know more and download Macromedia Flash Player from http://www.macromedia.com/software/flash/about/