Might read this fact sheet on switchboard and try to manually delete it. http://helpx.adobe.com/photoshop/kb/error-waiting-for-bridge-cs5.html
Make sure you are installing in default locations, or at least not changing them after installation. Also, check to your permission levels.
After a few more hours on phone and online with Adobe Tech Support (TEIR 2) Level, we didnt get anything resovled. AGAIN the same error message....
Im starting to feel like there is something wrong with their program disk ... I have never had any problems installing anything and this is nothing but problems. I cant figure it out.
I have tried everything so far, nothing seems to get it installed without the errors and the install failures.