Can you print without this problem from other applications - such as Office on the same printer.
I just fixed this issue. Running Adobe Reader X on Win7 x64 Enterprise.
Locate HKEY_CURRENT_USER\Software\Adobe\Acrobat Reader\10.0\PrefsDialog and modify the key "aLastPrefsPanel" to say "Display". I found on the troubled PC it was set to "Startup"
That should do the trick.