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I'll leave the "what's compatible with what" discussion to others.
However, IMO, paying to repair such an old machine is a costly way to have an old machine with organ transplants - it will still be that old machine, just in good health again. You can buy newer old machines for decent prices. For example: http://www.macsales.com/newsletter/OWCBlast07-16-2013.html. Also, check the used Macs at smalldog.com. Their offerings will give you some perspective vs. your quoted repair costs. Both vendors ship tax free to most states, except their own home states.
You can also get some good opinions on your questions about how to proceed with your existing software and repairs/buying used hardware, at macsupportcentral.com.
I either need a new computer or have to spend money to replace the I/O board on mine that is 6 years old. I need my Adobe software. I cannot afford to upgrade that right now. Reading all these threads about whether CS5 (not 5.5) ID launches, crashes or runs on 10.8 still doesn't tell me if I buy a new computer, if I'm going to be able to use the software. I mostly use ID, but also AI and Bridge. The Adobe system requirements page says that it is compatible. People on the Apple list say that it isn't.
I saw some suggestions to delete the "SING folder" and I've never heard of that. Is it something that installs with CS5 or with MacOS 10.8? Since my laptop is currently disabled, I can't look to see if such a folder exists on my hard drive. Someone said deleting preferences didn't work. Can anyone confirm if I were to buy a new laptop, will I be able to install my CS5 onto it and have it work?
There are, I expect people who run CS5 on 10.8, but being a Windows user I'm not one of them. There is nothing I'm aware of that is a major issue, so what is it that you've seen or heard that makes you think it won't work?
SING is an ID component used for making custom glyphs for some oriental languages. The technology was dicontinued in CS6 becasue it wasn't all that reliable, and most users never need it so it's perfectly OK for them to remove it from earlier versions if it causes a problem, but SING problems don't happen to everyone, so you don't need to start out panicking. If SING is an issue it usually shows up as a hang on launch, as I recall, and removal is simple.
I did a search on the apple support list and looking through many of the posts, I found comments that PS works but there were some issues with InDesign, Illustrator and Bridge. It runs very slow on Lion, the fix was to upgrade to CS6. Some say it crashes on launch, some Acrobat plugins not compatible with Safari.
Someone posted an app compatibility link for Lion and Mtn Lion http://roaringapps.com/apps:table/p/2 and it shows the individual programs in the suite. I don't know how reliable that site is, so I'm just trying to get feedback from anyone who has experience using specifically ID 7 (CS5) on newer mac computers. I need to make a decision right away as to whether to purchase a new or used computer, or spend money repairing a 6 yr old computer based on the fact that I can't afford to update my Adobe software now. Using it is how I earn my only source of income.
It's a financial strain to get a new computer, so I'm basically trying to research my options, and getting a used one would certainly help. Adobe has a list of problems for Lion but it wasn't clear to me which CS it affected. I currently have Snow Leopard on my old MBP. It's slow, but at least the software works. Now I need a new I/O board, or a bunch of batteries and a way to charge them, to be able to use it.
Thank you for explaining what SING is. I am trying to avoid panicking since I'm not very good at decision making
Let's see if we hear from any CS5 users on the Mac....