After reading other blogs and pages online about this, I decided better instructions were needed.
Getting Google Chrome to use the debug Flash Player wasn't working.
Google Chrome began auto-updating the Flash plugin automatically since each update is generally a security patch of some sort.
To get Flash Debug Player to work, do the following:
Download and install the Flash Debug Player for Netscape based browser (like FireFox and Chrome): http://www.adobe.com/support/flashplayer/downloads.html
Navigate to your chrome plugins page by entering the following url: about:plugins
Click the Details link in the top right corner. This will give you more information about each plugin.
Now you need to search for the Plugins related to Flash Player and disable the one located in the Chrome folder. (If your on Windows XP, it may have a path like this: C:\Documents and Settings\user_name\Local Settings\Application Data\Google\Chrome\Application\8.0.552.224\gcswf32.dll
Once you have disabled this, the other plugin (the debug player) should now be handling all your Flash Files.
Best of Luck