anyone from adobe watching this forum? Please update me on my issue because I'd like to do some work
Yes, the extensions menu will be grayed out until you download and install some extensions/panels that are compatible with CC 2014.
Remember that your old Flash based panels won't work in CC 2014.
Chris, I obviously installed my extensions before I started the discussion. As you can see even Kuler which it says is compatible with cc2014 doesn't show there:
Could you kindly take me through installing Adobe Exchange, maybe I'm doing it wrong?
Also, when you say my flash based panels won't work in cc2014 what does this mean, I can't use those panels at all, or there is a new way of working with them?
Any older panel using Flash internally to implement its layout will not load nor show in Photoshop CC (2014). There's a new way (HTML5) to implement them, and virtually everyone has to update their panels.
Make sure you have the very latest version of any panel that says it's compatible with Photoshop CC (2014). I might suggest removing and reinstalling Kuler, for example, to ensure you have the latest.
Oh, and pay special attention to the note that says you may need to close and restart Photoshop to see newly acquired panels.