QUOTE
A vulnerability has been identified in Adobe AIR 1.1 and earlier that could allow an attacker who successfully exploits this potential vulnerability to execute untrusted JavaScript with elevated privileges.
QUOTE
Adobe recommends all users of Adobe AIR 1.1 and earlier versions upgrade to the newest version AIR 1.5 by downloading it from the AIR Download Center, or by using the auto-update mechanism within the product when prompted.
Full details at:
http://www.adobe.com/support/security/bull.../apsb08-23.html
Dowload available at:
http://get.adobe.com/air