I have Adobe MasrerCollection installed.
But when I am in Premiere Pro, highlighted an audio clip, right click to edit in Soundbooth CS4, the option is grayed out. Even I started the soundbooth myself. It didn't work. I looked in the preferences. I couldn't see anything to activate this option in Premiere Pro.
Try a repair install of the MC. Something went wrong with your installation if SB is not selectable.
What kind of video/audio media are you using?