Phil and Thomas:
I had this same problem last year (with Vista Ultimate and Crobat Standard 8 and 8.1), and no amount of re-installing fixes it. The problem arose (for me) after a Vista update, and persisted for several months. I was finally put in touch with Chris Chang (Adobe Engineer and very nice guy), who fixed it. My recollection is that it had something to do with the new way Vista was handling "virtualization" (I don't even know what that means). In any case, my installation was fixed by direct intervention and, again, if memory serves, there was a patch posted on adobe's site that seemed to fix all of the Vista problems. If you have not seen the patch, it should be available on Adobe's site.
In several months of research (reading on the internet, installing and reinstalling, blocking services, uninstalling Vista updates, fiddling with the registry, etc.), I decided that the problem was with the [macrovision or macromedia] flexnet licensing service which, as I understand it, tries to phone home every time the software is started. On my computer (even now), if I block that service, delete the hidden files, or end the process, Acrobat gives the same error you are experiencing, so it may be that the virtualization had something to do with Flexnet. I am not sure that this advances the discussion any, but if you are more technical than me, maybe you can do something with it.
Also, I recently had a new motherboard and memory put in the same machine, causing Vista to have a seizure and necessitating a complete reinstall of the OS and everything else with a new Windows product key (no, I am not a pirate, a hacker, a cracker, or any such--it was provided by the manufacturer, who deserves a raspberry for hiring such idiotic technicians as the one who failed to warn me that my OS would die then, worse, failed to tell me it had died, leaving me to discover it for myself after he left my office. DELL). Though I was tensed to see the error recur when I reinstalled Acrobat, it did not (even with all of the Vista updates). So, sadly, a complete reinstall (not update or repair... those did not work for me) of your OS may fix the problem if the patch does not.
Best regards,
Charles