[strager]

Yes.

Preferences > Under the Hood > Privacy > Content Settings > Plug-ins > Click to play

Or you can search for "Flash" or "Click to play" to find the setting.

[joejohnson]

Wow, thank you for sharing this. I love when Chrome obviates the need an extension to do something simple like this!

[aeurielesn]

Nice. I didn't know about this until now. Nifty! Although, a bit of a elusive setting.