My best guess would be: They'd acquire buzzword for the word processor element; acquire sliderocket, and they'll have a presentation tool; right now i don't remember any spreadsheet program on flash, but well, a wrapper over the new enhanced datagrid would suffice it?
And these apps would work on the browser using flash player, or u can take them standalone, using AIR.
Of course, these are just some of my personal assumptions, but what I know for sure is adobe (read adobe-ians) likes buzzword and sliderocket - a lot. If they were to really get into office tools development, they would seriously consider getting these two apps.
And if adobe can have all these apps ready around the time AIR makes its debut, AIR adoption is definitely gonna sky rocket!