There is no such thing as 128-bit explorer. I think you mean "cipher strength", which is for encryption and has nothing to do with the 32/64-bit hype. Also, adobe seems to install a "download manager" and use that to download the player itself. If you agree to download something (by clicking on the "upgrade" link in youtube) and it countains a "DLM" string, that is a download manager.
Anyway, to check you flash player, go to Tools->"Manage Add-ons"->"Enable or disable add-ons" and see if you have "Shockwave Flash Object" in the "Addons that have been used by IE" or "Addons currently loaded in IE". Also, check http://www.adobe.com/software/flash/about/ and see if it sais something.