As far as your issue/question about Flip4Mac, this is Mac application that allows Windows Media audio/video to play on a Mac running OS X. Windows Media files are proprietary and without the Flip4Mac they simply won't play on your Mac.
FYI, Apple does design much of its own hardware and OS software, but does use other sources to design, build or supply other needed hardware.
Examples, LCD screens made to Apple specifications by Sharp, LG or Samsung.
Monitor protective glass made by Corning.
CPUs designed to Apple's specs., but made by Intel.
Graphics Processors made ATI/AMD.
Hard drives designed and made by Seagate or Western Digital.
RAM designed to Apple specifications but made by any number of electronics manufacturers.
Apple designs and manufactures it own case designs, probably designs its own logic boards and has them manufactured by a third party, also.
Now to your Photoshop issue, it maybe that the software drivers and or video card CPU firmware that maybe needs to be updated to work with OS X 10.7 and the version of Photoshop you are using.
To find out your video card model, you need to go up to the main menu bar click the Apple symbol and click on about this Mac. A pop up appears. In the popup window select the more info button.
A two column window appears. In the left column, there should be a section for graphics. On the right, it should give specs of your video card.
You'll find the your GPU is a ATI/AMD made graphics card with certain size of VRAM or VideoRAM.
You need to go to the AMD website and look for updated drivers or software for that model card.
There should be a section just for Mac compatible video cards, this is where you need to look for any type of updates.
Do not download any video card updates quite yet!!!
Before you do this though,mI would go the the Adobe site and go to the discussion forums there to serif anyone else is having issues the same as you are having and see if there is a fix or post a question in the help forums there.
Adobe has an online tech support help/technical chat service or help service by phone.
Explain what is happening and if they advise going to the video card manufacturers site to download an update.
Before downloading and installing any updates, report back here to confirm whether the issue was fix or not and if you did find an update to download so we can help you and confirm whether this is the correct download for your iMac and video card.