You can look up the format of the intel hex file(http://en.wikipedia.org/wiki/Intel_HEX) and figure out what (if anything) you have to do to make a plain sequencial binary file.
Not sure why you would want to though, wouldn't do you any good I wouldn't think.
The bulk of the hex file is just dictating what areas of memory have what values on a block device. You would need an emulator of some sort to run it.
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