Made this (very short):
http://www.lionsinvests.com/game/ (Around 0.5 MB in size)
There are sounds (thanks to that plugin from this forum) but they are lagging a bit. Haven't looked into that
The collision detection is made of two sprites (Wall and floor) that are set to invisible.
The waffle movement use a boolean (true=up, false=down) that toggles every 0.1 sec (if I remember it correctly). If up, move waffle -1
You're not supposed to touch the red stuff (it was quickly put in there so that the player could die in some way so the collision boxes are really bad)