Update: Problem solved.
Steps: Refresh, reinstall all windows updates ==> Flash no longer being a whiny b****.
I guess the take home lesson is if you notice something is wonky and think it's due to a particular patch, try to locate the specific update, remove It, and reinstall. If that fails, try Refreshing and just reapplying all updates.
Did you get your problem fixed Sepp?
I already removed this known flash update, but unfortunatelly it did not work for me.
Now I need to do a complete refresh