Adobe has released a security update for the Flash Player they are considering a "critical" update. From the security bulletin summary:

Critical vulnerabilities have been identified in Flash Player that could allow an attacker who successfully exploits these vulnerabilities to take control of the affected system. A malicious SWF must be loaded in Flash Player by the user for an attacker to exploit these vulnerabilities. Users are recommended to update to the most current version of Flash Player available for their platform.

Adobe recommends all users with Flash Player 8.0.22.0 and earlier, upgrade to version 8.0.24.0. Here is a link to the official Security Bulletin.