Uninstalled Adobe Reader X and reinstalled Adobe Reader 9 - still had similar issues and then some. Uninstalled Reader 9, deleted the "C:\Program Files\Adobe\" folder, reinstalled Reader 9 - no issues.
Same problem. In my case, the first link opens quickly; but subsequent links in the same Excel file produce the brief freeze and then . . . error . . . "This file cannot be found." If I wait for about 20 seconds on this otherwise very fast machine, Acrobat Reader belatedly displays the PDF.
My fix is tantamount to uninstalling Reader X.
I also use Acrobat Pro 9.0, so I opened Acrobat Reader X > Preferences > General > Select default PDF Handler > changed this to Acrobat 9 Pro; and waited several minutes while 'installed' Acrobat 9 Pro. After a restart, Reader X no longer gets in the way, and these shortcut links to PDF files open fine in Acrobat Pro. I also told Windows to always open PDFs in Acrobat Pro.
OS: Windows 7 Ultimate (64 bit)
Excel 2007 12.0.6545.5000 SP2
Installed Acrobat: C:\Program Files (x86)\Adobe\Acrobat 9.0\Acrobat\Acrobat.exe
Creation Date: 2010/10/06
Creation Time: 8:20:15 PM
Installed Acrobat: C:\Program Files (x86)\Adobe\Reader 10.0\Reader\AcroRd32.exe
Creation Date: 2010/11/10
Creation Time: 12:49:36 PM
Announcement: Would you like to help us improve Adobe Reader?
We have had a few bug reports related to Adobe Reader X protected mode coming in from you in this forum. We have addressed a large number of them in our upcoming Reader update and we would like to hear your feedback.
To that extent, we would like to invite you to the Adobe Reader Prerelease program and try out the latest build. To participate, please fill in the form available at
https://www.adobe.com/cfusion/mmform/index.cfm?name=reader_prerelease_ interest and indicate Adobe Reader as the product of your interest.
We look forward to your active participation, feedback and help towards making Reader a better product.
Thanks and regards,
Adobe Prerelease Team