If you still have an original psd or layed file for that it wouldn't be too hard to make it an animated gif where the letters were "shaking" or bouncing around a little.
I would probably split it into 3 images. Static images on either side and animate only the middle.
You could add some javascript mouseover effects to change the colors or something when someone brings the mouse over it.
What did you want to do with Flash?
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