So you are saying that AcroRd32.exe is present at C:\Program Files (x86)\Adobe\Reader 10.0\Reader but Windows cannot find it? That sounds like something is wrong with Windows.
I have Reader X on Windows 7 Pro x64 (SP1) and no such problem. I suggest that you either try to repair your Reader installation, or uninstall/reinstall.
Been there done that, several times, tried repairing and a clean reinstall of both version 9 and 10....
Neither will launch and both return the same message error....
I have no idea what is causing the problem. Or where to look!
I did notice that the desktop Adobe Icon properties doesn't show the location as listed above, but rather one in the hidden directory 'Program Data'.....
Tried redirecting the icon to point to the corrected directory listed above, but that still got the same message! No change!
Maybe I should try moving the files from the (x86) directory to the hidden one.....??
It seems to only have the install setup files....Not the extracted ones like (x86)
I ran the Windows 7 trouble shooter, and was informed by it that the Adobe Reader is "incompatible"..??
Tried the recommended fix; all to no avail! Still get the listed error!!!
I recently moved from the Windows XP 32bit platform to Windows 7 64 bit platform!
This required a complete clean install (HD Format)
Everything has been fine, all my old stuff reinstalled or upgraded/updated as needed and have worked just fine!
Just not Adobe Reader!!!