The "Open in Camera Raw..." feature for JPG is no longer available in Bridge CS3. It was just working last week but now it does not appear when I right click on an image, it's grayed out in the menu and Command-R is disabled. Anyone know what's up? Doesn't work from Photoshop CS3 either.
Purge the cache from that folder...if that doesn't work, you may need to reset your Bridge prefs. Since you didn't bother to post your OS (pretty basic info) you'll need to check your OS's process for resetting the Bridge prefs.