Ok guys this it!
Flash player had been giving me troubles for the past month. Not working in Windows 7 64bit and/or Internet Explorer.
I'm gonna update this sooner and make it clearer.
But for now the story goes... You've been to the adobe.com site numerous times and you still can't update it, saying that you don't have the latest software installed, after you've installed it from their site, using their downloader I might add, but that's a different kettle of fish.
May I ask have you installed Adobe CS5 as of late? Well 100%, it's also installed a bug in the registry, causing its own Flash Player to fail!
Before you follow on may I just add, make sure you have some knowledge of the way computers work, and of the consequences of making a mistake concerning the system registry. Now that you're positive, please read on...
Just search through the registry for the word "safeversion" excluding the quotation marks. Hit delete! Yes yes it's ok, press the button!
That's it! Now update the Flash player one more time (you may have to run the uninstaller from the adobe.com site one more time beforehand), and watch your Youtube videos and play your Flash games!
"Thank you! You're Welcome"
AFTERNOTE: Before I deleted the registry entry I uninstalled CS5. BUT FIRST I backed up all my videos and files. I'm planning to install again once I'm sure it's ok :D
