Earlier today, Adobe announced the release of the first beta for Flash Player 11. Flash Player 10, the current version of Adobe's software that allows users to watch things like YouTube videos online, was initially released in October 2008. Since then, it has received three major updates that added things like 64-bit support on Mac OS X systems.
Flash Player 11 adds support for new API's, called the "Stage3D API's," which focus around 3D and 2D video rendering on all devices. There is also improved 64-bit support across the Windows, Mac OS X, and Linux environments, as well HD surround sound support. Other new features include the ability to build file sharing apps that focus on large file transfers and G.711 audio compression for telephony.
You can download Flash Player 11 for your computer from Adobe Labs here: http://labs.adobe.com/technologies/flashplatformruntimes/flashplayer11/. Be sure to download the specific build for your OS and keep in mind that Flash Player 11 is still in beta.