Adobe Air (what is that and do I need it?)...
If you don't know what it is, then you probably don't need it. I think it was by mistake bundled with the default download of Adobe Reader 9.1, but is no longer in the Reader 9.2 installer.
You can safely uninstall it.
P.S. you can also uninstall Acrobat.com if you don't use it.
According to my program list, I don't have Adobe Acrobat.
I guess I am going to remove this AIR, but as to your statement that if I don't know what it is I probably don't need it, if I were to remove everything that fell into that category I'd be in big trouble!
Adobe Acrobat and Acrobat.com are not the same thing.
According to my Vista/Remove Programs section I don't have either one.