In my control panel, the Adobe Active X flash player 9 has a red cross on the top right corner of its icon in the program list in Control panel. I am having some problem with BSoD 0x000000050 lately so I am trying to rule out possibilities. Anyone know whether this red crossed flashplayer would cause a blue screen or no? or how to fix this? I reinstalled IE 7 and it appears the same. Much appreciated.

Yes, it can, but likely not.
Remove and reinstall the Adobe file, using add and remove, then reboot to re-install. Adobe has an irritating (to me) install system, that allows the install to pause and restart, based on available resources. Install it while it has time, as it is a large file.