Fake Flash Player Update is a browser redirect that will try to get the user to to voluntarily download malware onto their computer.
It will start appearing on web pages as ads, and when opening a new page in the browser may redirect to a page saying "A flash player update is required to view this content." This can start because the user ended up downloading programs bundled with freeware and additionally, this program.
It will eventually start redirecting them to an update page every time the user searches. It can get into Google Chrome, Internet Explorer, and Mozilla Firefox. It can be removed in the registry fairly easily. As long as they do not download the "update", no real damage will come from this program.