The version I am using is the Adobe Reader X (10.1.2). I also got the same problem which allows me no chance to fix it when I click ok on the popup. I tried to repair it with the installation file, but I got another problem- cannot find some kinda file. Damn...I've never got this bug before.
I was having a plug-in error after I received a loaner laptop from IT. I tried to remove and reinstall Reader 10.3.1 and had the same error. (No Babylon installed)
The plug-in error was due to some old plug ins that were still installed on the PC. Make sure all your plugins have the latest dates. I found a plug in dated 1999, one dated 2000 and another dated 2003. Once these were removed from the plugin folder, I was able to launch Acrobat Reader 10.3.1 with no errors.
Path for plugins: C:\Program Files\Adobe\Reader 10.0\Reader\plug_ins
Good Luck All!!