You need to patch Adobe today. Luckily, the company released this confusing chart that doesn't explain what you need to do. Don't worry, I'll translate it into normal English for you.
You probably have Flash Player installed on your computer, and may have already gotten the notification that your Flash needs an update. This is a good thing, and will mean that you're safe from any security threats that Adobe recently discovered.
Alert: If you didn't receive an update, click here to find out how to update Adobe Flash.
Adobe Air is something that you probably don't have installed on your PC. It's a development platform that lets developers build apps for release simultaneously on iOS, PC and Android. If you need to update the program, you should have received an automatic notification. Chances are good that you've never used it though.
The SDK and Compiler update would only apply to app developers, so you probably don't have to worry.