THIS PROJECT IS HOSTED ON GOOGLE CODE AND IS MIRRORED ON GITHUB http://code.google.com/p/redtamarin/
Simply put, redtamarin is based on the Tamarin project http://www.mozilla.org/projects/tamarin/ (eg. the Flash Player Virtual Machine) and allow to run AS3 code on the command-line.
But because Tamarin only support the AS3 builtins (Object, Array, etc.), redtamarin add numerous native functionalities, so you can test if your program run under Windows or Linux, or read/write files, or send data with sockets, etc.
Put another way, if Adobe AIR allow you to build desktop executable with a GUI, redtamarin allow you to build desktop executable with a CLI.
To support the use of the AS3 language for cross-platform command-line executable, as single exe either for the desktop or the server, as scripts for automation, as tools for the Flash Platform community.
RedTamarin Google+ Community https://plus.google.com/communities/111596731002136630496
File a Bug Report or a Feature Request https://code.google.com/p/redtamarin/issues/list
the svn repo is synch'ed every hour
fell free to fork but I will not accept any pull request from GitHub
if you want to propose a patch create a diff and post an issue on https://code.google.com/p/redtamarin/issues/list