This seems to be a big thing going on with the new flash update 9 seies.

Some have reported to uninstall and revert back (reinstall) to the older flash 8 and can be found :

Adobe Flash Player - Downloads
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another work around was to re-register the files

regsvr32 /u C:\WINDOWS\system32\Macromed\Flash\Flash9e.ocx

regsvr32 C:\WINDOWS\system32\Macromed\Flash\Flash9e.ocx

(start > run and paste each line seperately in the box)
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There was also a link that sound blaster audio files were(might) have been the cause of the failure.

If you have sound blaster audio installed then uninstall the drivers and see if it clears the issues with flash and then reinstall the drivers

Hope this helps you!