Is Web Object content in a local folder possible?

I have some content created for browser playback that I want to display in a Web Object window.  I want the content to reside in a subfolder in the presentation folder... not somewhere out on the web that in my case would require a login name and password.  This is interactive content created in an other application that is not a video or a SWF and runs in a browser. If I point to the file in the URL input field i.e. file://, Presenter won't accept it. It wants a URL that begins with "http://www".

Is there a way to have a local file in a web object?