I was reloading my Macbook Pro tonight and something when wrong with the installation of Adobe Air. When I tried to use it, it failed. I tried to reinstall the application, but that didn't work because the installer says "This version of Adobe Air is already installed." But, of course it was corrupted. There was no uninstaller in the /Applications director like there should have been because the application wasn't really installed.
Turns out you can run the installer from the command line with the -uninstall switch and it uninstalls nicely. Do this:
cd /Volumes/Adobe AIR/Adobe AIR Installer.app/Contents/MacOS sudo ./Adobe\\ AIR\\ Installer -uninstall
And the rerun the installation. Air now works.