The vulnerability, which was reported to Adobe by Microsoft, affects Flash Player Versions 188.8.131.52 and earlier running on Windows.
"A malicious SWF [Shockwave Format] must be loaded in Flash Player by the user for an attacker to exploit these vulnerabilities," Adobe said in its APSB06-03 bulletin.
The company said a successful exploit could allow an attacker to "take control of the affected system."
The flaw has been patched in Flash Player version 184.108.40.206, which can be downloaded from the Adobe Download Center.
The vendor, based in San Jose, Calif., said the flaw also affects several related products, including Breeze Meeting Add-in, Shockwave Player and Flash Debug Player.
"These vulnerabilities could be accessed through content delivered from a remote location via the users Web browser, e-mail client, or other applications that include or reference the Flash Player," the company warned.
Separately, Adobe acknowledged a "moderately critical" flaw in its Graphics Server could put users at risk of data manipulation, information exposure and system access attacks.
The vulnerability, which was discovered and reported by Secunia, allows an anonymous user to place code onto the server that is then run as the interactive user at the time the user logs on. Depending on the configuration of the server, this could be an administrative user, Adobe said.
The company has published hardening steps to prevent exploitation of the vulnerability.