Hi kvorhees,
Check your Flash Global Security settings and make sure that "Always allow:" is checked or an exception for the local drive has been created. Then, make sure you are installed and running as an Admin (you may need to recreate your file/resave narration after this). If the problem persists, check the ActiveX settings within PowerPoint and that ActiveX controls are enabled. If the problem continues after this, I would contact Snap! support.
Hope this helps,
Molly