When I want to "place" an image from Bridge to Photoshop, the menu command is greyed out.
Do you have Photoshop in the menu Tools (at the bottom) and can you see the commands in there?
Check if you have the start up script selected or if it is there at all. (Bridge Preferences Start Up script).
If deselected select it again, otherwise restart Bridge holding down option key (control for windows) while restarting Bridge and choose reset preferences.
I'm also having this issue and reset prefs DID NOT work for me. "Place" command is grayed-out. Bridge 126.96.36.199 x64; Win 7
I had this problem today with CS6. For me, also missing were the Photoshop and other options normally at the bottom of the tools menu. It seems that I had foolishly disabled my startup scripts in the edit>preferences menu. Reinstating these scripts (i.e putting a tick next to the boxes in the menu), followed by a reboot of my computer fixed the problem for me. Hope this helps someone else.