Editing Text Boxes Made in Older version of Acrobat

I am currently using Acrobat 8 Professional and I need to revise a PDF that was created with an older version of Adobe.  There are text boxes in that PDF file that I need to revise.  Normally if I need to edit a text box it just opens and I can change the text without issue.  For some reason now when I double click on the text box it wants me to use typewriter.  That would be fine except if I edit the text using the typewriter window that appears visually nothing happens.  If I hover over the text it shows the revised text in a call out but the actual visible text does not change.  If I double click on the text box and change the text within the box it creates a dark outline around the text that I cannot get rid of.

So that sucks, but hey I can just delete the text box and create a new one.  Nope, can't do that either.  I delete the text and it comes right back.  My text edit tools are all greyed out so there is nothing I can do there. 

Has anyone come across this problem?  If so is there a solution?

Thank you.