Are you using Ubuntu 64bit? The simple answer to your question is "yes" with a caveat.
Flash 9 needs the support library "libflashsupport" to enable PulseAudio support (to allow Flash and other applications to play sounds simultaneously), but it can introduce instability - you will notice Flash content "cutting out" randomly on websites.
Flash 10 works with PulseAudio, but there is a critical bug in Firefox exposed in this version of Flash, causing many websites to crash (unrelated to PulseAudio). There's no easy solution that works 100% reliably, until Firefox 3.0.2 is released.
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