Flash Player installers always upgrade (rather than install side-by-side) older versions, if found, so no need to worry about having duplicate versions.
But remember that there are two flavors of Adobe Flash Player: the plugin based for web browsers, and the ActiveX version for IE and standalone applications. Both are downloaded separately and upgraded on its own too, so most likely is that you only upgraded one type, leaving the other at the older version. Make sure you always download both of the from the official website, regardless of what browser you use.
Adobe Shockwave is a completely different thing (although typically used for a similar purpose), and it's updated on its own, and may also keep a separate numbering that Flash Player, as they're separate programs.