It’s a so common issue for me. Whenever I install a new Flash Player version or a new software (really I don’t know why it’s happening!!), Flash Builder gets confused about debugging. And I start to experiment with the problem endless hours..In some way, I make it work. But most of the time, the solition is uninstall all of the Flash Player and Debugger versions and also Flash Builder from my computer. Then, re-install everything again..What a suffer..
I couldn’t find any consistant fix for that issue. I wrote many e-mails to Adobe, but no chance!!!
Few hours ago, it’s happened again, and I lost 6 hours or something more. Because of that issue I couldn’t finish my client’s work also. At last, I realised that the solition is so simple. Hope it helps someone else who is suffering from the debugging issue in Flash Builder appearing randomly. And it’s a reminder for me also. Don’t wanna loose hours for the next time. It really pissed me of this time.
Well, the solution as follows;
1- Turn back to defaults for every preferences in the Flash Builder

Delete the text in the “Standalone Adobe Flash Player” and Web browser” fields.

2- This is the magic part (!) Just right click on a swf file in your computer and select “get info”

Select the desired latest Flash Player/Debugger that you want. For me, Flash Builder located to Flash Player 10.1..But, my sdk was Flex_4.5.1. The minimum player version has to be 10.2 in order to use flex_sdk_4.5.1. I chose “Flash Player Debugger 10.3” from the list.

And DO NOT FORGET to hit “Change All…” button inthe info window.

That’s all!
3- Turn back to Flash Builder and hit “Debug” icon. It should work.

If you know the reason is why, just please tell me 🙂 I’ve been using Flash Builder/Flex for two or three years and have no idea about the problem. May be it’s related with the location.
Update (November/12/2011)
if the method that I mentioned above, you can try to connect flash debugger player manually. To do that;
1- Run/Debug your application from Flash Builder
2- When the progress tab stucks at 57% or something else, wait for the flash player/debugger window appears.
3- On the browser or the window, right click on it and select “Debugger” (To do that you have to have Flash Debug Player Version both for browser and stand alone application. You can download debugger version of Flash Player from adobe’s web site)

4- Select “At IP Address” and type “127.0.0.1”, hit continue. It should work. I hope 🙂 At least worked for me
