Adobe doesn't support the OV's arm6 processor, so officially no. There are some hacked flash players floating around on the web that will work on arm6, but I've never found one that ran smoothly at all. Our phone just doesn't have the right hardware for native Flash.
There is a browser called Skyfire that will convert Flash video into a format you can view without flash player. It costs a few dollars for the Flash feature (the browser itself is free though)