We are publishing our course on a server that has very low bandwidth in some areas so we had to figure out if the .swf's could call external audio and video files within Lectora. As you probably already know, embedding audio and video within the flash file results in a large .swf.
So we figured out that if you manually add the audio file (we used mp3 but I assume this would work with other audio formats) in the main .html folder but keep the .swf in the "images" folder (or the whatever folder Lectora puts the .swf in) it works!
For external video files (we used mp4) you have to manually add the video file to the "images" folder where the corresponding .swf resides.