Adobe, the company that makes Flash and the Flash player released an update last week, be sure to do update.

It is mainly a hotfix for a parsering error in the Flash video file format. The parsering error can lead to some one executing native code with the same access as the user running the player (For windows xp users, that would be total access in most cases).
Or in stupid: you load their file, you give them your computer.

There is currently no circulating exploits, but the linked advisory provides enough info for people to create their own.

Just update, ok?

A reminder, If you upload a submission that exploits this vulnerability, you are going to be punished. While I can not speak for the staff, I would personaly have baned the account and possibly the ip address used with it, so just don't do this, ok?