Windows 7: 480p+ youtube playback doesn't work in google chrome

Whenever I switch to 480p video or better on google chrome, it just sits there, playing the audio from the video but there's no video.

I've found one that comes with 480p

That plays here without a hitch. What Chrome version do you have? mine is v11.0.672.2 (which as well might come with a newer Flash plugin...but I'm not sure about that)

Do you have any plugins concerning youtube installed (like downloaders or others)
If so, disable them to see if that solves your problem and we go from there

-DG

where'd you get google chrome 11? mine says version 9.

It's from the development channel from 02/18/2011. I'm living "on the edge" dev versions are the ones called before they become official Betas
You can get them either via FileHippo

Download Google Chrome 11.0.672.2 Beta - FileHippo.com

or simply by subscribing to the dev channel.
But more important: were you able to watch that clip ok or not?

-DG

I could play it, but if I play a video like Punch-Out!!-Video Games Awesome!, it won't work. Not in 480p or 720p.

There is nothing wrong with that video I could watch it on 480 and 720
so the problem lies with your installation of chrome (either the base installation or the incorporated flash plugin)
So I suggest you update your chrome and see if that helps

-DG

So i should try reinstalling chrome? If i do, then where does chrome store bookmarks, as in need to preserve my bookmarks.

right click on the "Other Bookmarks underneath the wrench, go to the Bookmark Manager and EXPORT your bookmarks...in the new Chrome you go there again and IMPORT them...That should do it.
You could as well try a portable version of a more updated Chrome first. That way you have both and in case the export/import doesn't work as intended you still have the originals
Don't forget Murphy is lurking behind the corner as always

-DG

updated google chrome, but to no avail. Trying a reinstallation.

I have the exact same problem!! Has anything worked for you yet??