Have you read these support articles? Adobe Flash plugin has crashed - Prevent it from happening again Flash Plugin - Keep it up to date and troubleshoot problems

Yes, I've read the articles and have done the step by step instructions to attempt to resolve the issue. But the issue still proceeds.

See attached: I get this beautiful error message after all that. Please help me out guys. What else can I do? :/

okay Sometimes log out to you tube and log-in might also help. I know it sounds weird and not helpful but try this sometimes this also works and clear cookies and cache!

Thanks you guys. It works! Stupid me forgot to restart firefox after reinstalling adobe flash player. Wwwwhhhhooopppsss :/ Sorry for wasting your time!!