FINALLY GOT IT WORKING!
It was a real mix of all your suggestions so thank you for your all the help. I started from a blank page (with no template) and then manually added the base reference to the actual flash menu folder.
The final code that I used can be seen below:
<HTML>
<HEAD>
<title>ICP Spanish Menu Test</title>
<base href="http://www.ideal-country-property.com/assets/flash/icpmenu_es/"></base>
<script type="text/javascript" src="swfobject.js"></script>
<script type="text/javascript" src="flying.js"></script>
</HEAD>
<BODY>
<!-- ICP www.ideal-country-property.com -->
<div id="noflashmessage" style="position:absolute; top:0px; padding-left:0px; z-index:0;">
You need to upgrade your Flash Player or to allow javascript to enable Website menu. </br>
<a href="http://www.adobe.com/go/getflashplayer">Get the FREE Flash Player from Adobe</a>
</div>
<script type="text/javascript">
// <![CDATA[
var so = new SWFObject("menu.swf", "menu", "185", "440", "8", "#000000");
so.addVariable("page_code", "a_b_c");
so.addParam("wmode", "transparent");
so.addParam("scale", "noscale");
so.addParam("salign", "TL");
so.write("noflashmessage");
// ]]>
</script>
</BODY>
</HTML>
Once again, thanks for all your support, patience and understanding. This is what makes the ModX community so great.