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The last version of ACR that will work with Photoshop CS3 is version 4.6. No, you can not get ACR 5.5 to work with Photoshop CS3. As far as Lightroom goes, you want to install Lightroom 2.7. That was the last version in the 2.x series, and will have the most up to date features and will support the most cameras. Lightroom 2.5 specifically indicates that it is compatible with ACR 5.5 because the version numbers of Lightroom and ACR generally are synchronized.
There shouldn't be any problems using Photoshop CS3 and Lightroom 2.7. I still use Photoshop CS3 with Lightroom 3.3, and I don't have any problems, although I'm using Windows XP. Occasionally, when I'm sending files to Photoshop, I'll get a reminder that Photoshop CS3 will not be able to read some of the Lightroom adjustments. But that's okay, because I render TIF files that contain all of the Lightroom adjustments, and that is what I send to Photoshop.
If you need support for newer cameras, you can always download the newest DNG converter and create DNG (Digital negative) copies of your raw images. Lightroom will then be able to edit those DNG files.
Thanks Jim, for the info.
I'm stuck in the upgrade loop
Running a G5 dual, max'd out ram, and HD, On OS10.5; but does what I need it to do, and it's paid for
The problem is Adobe won't just update ACR in away that it will run on older versions of photoshop or as a stand alone. So we are forced to shell out more $$$ to get the lastest version of photoshop. Unfortnaitly CS5 or LR3 won't run on a PPC, they require an intel processor. So that means I'm forced to fork over more $$$ to upgrade my Mac to a Intel based MacPro.