There's an infinitely long thread on Bridge CS6 requiring admin privileges over in teh PS forum. Check it!
Moving this discussion to the Photoshop General Discussion forum.
Don't uninstall CS5 as it may cause more problems with file assoicitons.
Did you reset the preferences? If on Win. hold down the Crtl key (Option key mac) and start Bridge you should get reset window with 3 options.
Reporting back.... The problem seems to have stemmed from an update that was installed without a computer reboot. I don't recall the name of the update, but it sounded something like it involved linking or cross program integration. I do not have any of the other Creative Suite programs, just CS6. Once the computer was hard re-booted, the CS6 Bridge was able to read and handle files without a problem. It had something to do with the update being installed without a reboot (which it didn't mention as a requirement).