Did it ever work correctly?
Does it work in a new user account?
If the answer is no, it's either a bad install, in which case a reinstall might help (and also see CS Cleaner Tool for installation problems | CCM, CS6, CS5.5, CS5, CS4, CS3) or it's a problem of some sort between ID and the mouse driver, and you'd need a different driver to fix that.
That helped a lot. Now I'm able to single click and select elements.
However it is not 100% working yet..
When I click an object it moves just a tiny bit and I always need to hit
undo after selecting something. Then it moves back to it's original
See this video:
Original position before select is:
Tejs Dindler Rasmussen
There are a couple of other threads about small movement on Mac, but you'll have to search.