The Touchlib offers lots of Flash related possibilities to build your own multi-touch applications. There are even some demo applications included in the package in the code version of the Touchlib.
Thus I took a demo photo application from them and replaced their Flickr images with mine and exchanged the whole mechanism for dragging and scaling (and left out rotating) for my logic (resp. niqui merret‘s logic).
It’s just a me too photo app but nonetheless here we go:
Update: By common request I have decided to publish the source code: FlickrPhotoApp.zip. I put this code under the Creative Commons Attribution 2.5 License (this means that you can use the code literally for everything but must mention my name).