I've done that many many times, still no go.
I also found an older version of Chrome (v16) and installed that and replaced the new one. Flash worked perfectly.
After restarting the browser, I launched Chrome and it auto updated to the newest version :\
I also took out the flash plugin from the v16 and put it into the newest version (via open Package)...worked great....then after restarting the computer/browser, it auto updated again and my plugin stopped working.
So weird. I tried to clean all traces of Chrome and reinstall, but the same thing.
Maybe I need to reinstall OS X completely (this is an upgrade from Leopard > Snow Leopard > Lion)
Also, I can get it to work if I have the latest Chrome and just replace the Flash player .plugin file with an older one (Chrome version)....very weird. I removed Java and that didn't help either. I completely removed all other traces of Flash (that other browsers use) and no help.
Also repaired permissions