The wmode worked for me, this is the exact code I'm using & it stays behind the menus:
<div class="flash_wrapper">
<object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" codebase="http://fpdownload.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=8,0,0,0" name="preview" width="700" height="300" align="middle" id="preview">
<param name="allowScriptAccess" value="sameDomain" />
<param name="movie" value="http://www.*****.com/promo/preview.swf" />
<param name="quality" value="high" />
<param name="bgcolor" value="#000000" />
<param name="wmode" value="opaque" />
<embed src="http://www.*****.com/promo/preview.swf" quality="high" bgcolor="#000000" width="700" height="300" name="Slider" align="middle" allowscriptaccess="sameDomain" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer" wmode="opaque"/>
</object></div>
Notice I had to call it out as a param name and within the embed string itself.
When you clear your cache make sure you go in and manually clear \cache, \cache_public & \tmp from your root web directory using FTP (leave only .htaccess files in there).
Hope this helps!