As I said, Acrobat was working just fine for a week or more with the 7.0.8 upgrade until today. That was done and then I started receiving the exact same error message as Paul. It then gave me a re-install this feature option which I took. I did and it then said Acrobat could be used because JobOptions setting in the 'All Users' folder could not be found. It went through some update process and told me to re-boot. Today when I logged into my computer I received a message saying Windows had to be configured to run Acrobat.
I was able to use Acrobat with teh update for about a week or so. I added to his thread but since there was no help from his original posting I wanted to bring it up again in case anyone now has a solution. There was a question posted by Paul J Arnett at 09:21am about installing the Acrobat 7.0.8 update and then him getting an error message that said 'No valid serial number found.