It's got a long and short term memory for each card. The more you get a card wrong, the more you're quizzed on that card. It comes with a sample vocab quiz and a sample spelling quiz.
To play, download and unzip Flash5000.zip, and then double click on Flash5000.jar. You need Java on your computer to run it. Let me know if you can't get it working.
Flash5000.zip
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Don't have Java?
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I find this program pretty useful for vocab, but there are definately some better programs out there. VTrain (shareware) seems to be the most popular. CueCard also seems fairly popular, and it's free. At freshmeat.net, I found a bunch of open source flashcard programs. Also, if you're looking for flashcards, there are plenty of free decks out there.