From Bit-101 blog
Debugging Flash on New Google Chrome: "If you’ve installed the latest version of Google Chrome, and you are having a problem debugging your Flash in it, there's a reason...
It seem's the built-in Flash player in Chrome will get used by default, despite whatever other version you might have installed. It's always going to go back to its own original version. To change this, type the following in the URL field:
This will give you a list of plugins. Somewhere in there, you'll see "Shockwave Flash" with the version, location, etc. Underneath that is a "Disable" link. Go ahead and click it. You’re not disabling Flash all together, just the built-in version. Now, when you hit a SWF on a web page, it’ll go to the latest system-wide version you installed, i.e. the debug player.