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Can you verify if you have IE9 on your system? If yes, please uninstall it from Add Remove programs and retry. Once you are able to accept the EULA and invoke Presenter the first time, you can reinstall IE9.
I have taken the steps you recommended. However I have a more pertinent question now.
What if I want to upgrade to Microsoft Office 2010 with PowerPoint 2010? My understanding is that Presenter 7 is not compatible with MS Office 2010 and only compatible with 2007 or prior. Can you please offer a solution or steps I would need to take if I were to upgrade the MS Office Suite to 2010?
Thanks in advance,
Latest patch of Adobe Presenter 7 that is 7.0.6 is compatible with MS office 2010. So you may need to update your existing Prsenter to latest version and then you can upgrade to Office 2010.
You can download the patches from the below link: