I know there are other discussions about this but everyone else was having trouble with Reader. I am having the same trouble in Acrobat 9 where I get the message "Cannot open the source application for this object" after it's inserted and opened once. We do not have version of Reader installed on any computer. Has there been anyone seeing this happen in Acrobat 9, NOT Reader?
Found the problem. I was checking which version of Acrobat(9.4.6) I had in the help tab and noticed the choice of repairing Acrobat. So I let it go through the repair process and then bounced the machine. When it came back up, I opened the PDF that was giving me trouble and saved it over itself. I was then able to insert it in to Excel and it opened every time I clicked on it. I am assuming that a recent patch may not have installed cleanly.