Background
On the one hand, there are still some very useful websites providing content using Java applets or Flash SWFs. On the other hand, activating the Java and Flash browser plugins pose a security risk, and, for example, re-configuring Java's whitelist each time you encounter a new trustful site is a hassle.
Therefore, I am looking for an isolated browser environment, which has only have to package Flash and Java. More functionality is not needed.
Note: I do not want to open possibly infected sited. For example, I usually encounter Java applets on old university sites, but do not wish to install the Java plugin in my main browser.
Does such a software exist?
Requirements
Easy to use, there should not be any security prompts — I know what URI I paste into the address bar when I even open that isolated browser.
Up-to-date with respect to Java and Flash.
Reasonable price or free.