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Did you close all the browsers (and applications which use Flash Player) when you install Flex Builder 3 Beta 3 or Flash Player? You can try manually installing it from <FB install location>/player/ directory. Here're some installation/unintallation instructions of Flash Player:
same exact problem I have too
Finnally Fixed it, it turns out that the port is being blocked.
Sharon's instructions fixed the debugger problem on my OSX 10.5.1 w/ FlexBuilder Beta 3 M4.