Reader 9.3.2 is Vista compatible. Did you do a clean install of VISTA or did you upgrade Vista from XP? Clean installs are a better idea. Too many problems occur with an upgrade.
Reader 9.3.2 is surely compatible with Windows Vista.
I think, the problem you are facing is similar to a forum post I saw somewhere. According to that, a possible solution is to create a new user and try opening a pdf file from that account.
to get vista we have actually removed the harddrives from the laptops and had them reimaged from xp to vista...and when we get them back we would insert them in the computer and they would go through a "ghosting" process. we actually had not had this issue until 9.3.2 came out....one source told us that 9.3.2 was a security update, and our machines run on a government system, or a DoD network, where in order to log on you need a military ID and a valid account with IA Awareness Certification attached....in order to even install a printer you need admin rights...is it possible that the fact that its a security update have anything to do with it and the security of our network be causing it to malfunction the way it is....because right now we have resorted to reimaging the hard drive and have the user save everything of theres onto our share drive.