Uninstalling and then re-installing Flash should solve the issues mentioned in your post;
however:
you can limit the risks associated with Flash by not installing the Flash add-on for IE (and not installing the Flash plug-in for non-IE browsers). If you come across content that must have Flash, then open Chrome and let it show you that website. If the website has infected Flash adverts, then you could still get infected, but at least you are not surfing all of the time with a browser that has Flash enabled.
Chrome updates itself and those updates will update Chrome's Flash.
If you would rather not use the method mentioned above to mitigate some of Flash's risks, then there are other ways to protect your computer - like not letting Flash run by default on all websites.