For most users the flash player is an integral part of their browser environment (e.g., Internet Explorer, Mozilla Firefox, Opera, etc). While no in-the-wild risks have emerged a serious security risk has been fixed and users should quickly move to the latest version. Since this special update may not part of Windows Update or other browser automatic updates, it is important to manually update the Flash player to ensure browser safety in the future.
Flash Player plug-in - Critical Browser Security Update
An input validation error has been identified in Flash Player 220.127.116.11 and earlier versions that could lead to the potential execution of arbitrary code. This vulnerability could be accessed through content delivered from a remote location via the userís web browser, email client, or other applications that include or reference the Flash Player. (CVE-2007-3456). There are no reported in-the-wild exploits yet, but we might see some soon as enough technical information required to build an exploit has been released publicly for at least a few of these vulnerabilities
Flash Player v9.0.47 - Download Site
Note - You may want to uncheck the installation of the Google Tool bar