Your registry appears to have been damaged by the MS updates. (No surprise there then. The chances of any Microsoft applications working properly for long are fairly remote).
Run System Restore, selecting a date before you updated. That might well fix everything. (If not, see if 'Adobe Flash Player' has reappeared in your programs list, and then follow my previous instructions).
Then, if you dare, try updating again.
Alternatively, try installing Flash Player 9, rather than 10:
http://oldapps.com/Macromedia_Flash_Player.htm
Chris