Problem: When you try to Edit in Photoshop CS3 from Adobe Photoshop Lightroom 2, Photoshop CS3 doesn't open, or after Photoshop opens, you see the error message, "Photoshop could not be launched".
This issue is currently being investigated. At present, there are two possible areas that might be causing this issue. Corrupted metadata or a corrupted catalog, or Photoshop CS3 has not been updated to 10.0.1, or the update did not apply correctly to the application.
We are working for a permanent solution for this issue.
Workaround: Please refer to this Adobe
TechNote for further information.