Apparently it's as simple as deleting the "Macromedia" folder from your C:\Documents and Settings\(Your Profile name here)\Application Data folder.
This will not hurt your system. The flash player will simply create the folder again when it needs it.
You must enable viewing hidden files and folders to do this.
For Vista users, there may be other Macromedia folders you may have to delete, just do a search to be thorough.
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