Cannot use Adobe Flash Player after latest update to v11.8.800.170

I just updated Adobe Flash Player to the latest version 11.8.800.170 on Chrome v30. I am using windows 7.

Most of the videos I try to watch on youtube have audio, but no video. Some of them freeze Chrome (use up a ton of memory on my PC).

I tried going to settings, can't see the dialogue, hence I cannot disable hardware acceleration.

What is going on here?