I upgraded to the latest version of Adobe and as suspected that was not the problem. Frankly I still don’t know what the problem is, but this trick helped me :
I use Firefox and clearing the cache and private data helped me set this problem. The clear Private data, Go to Tools –> Clear Priavte Data –> Clear Private Data Now.
This trick worked for me. It’s not necessary that this will work for everyone. Here are some other solutions I found on a couple of forums, try these if the above trick does not work for you.
One solution is if you have an Anti-Virus like Norton Anti Virus or try turning off the Ad and Popup Blocker and reboot your machine. Try running youTube again, this has worked for a few.
For Downloading the ‘complete‘ version of Adobe Macromedia Flash player solves the problem, which can be downloaded it from : http://www.softwarepatch.com/internet/flash.html
If any of the above works or if you have any concrete solution which works for everyone please share it.