I had this issue before where only flash based applications would launch but not adobe air. The issue is when you click run on adobe air, in the task manager on windows 7, 64 bit you get: Adobe Air Debug Launcher. Killing that gives me: If the program is already running, close it before attempting to run.
The program never launches hence why you have to kill it in the task manager.
I tried cleaning out the PreloadSWF entry in the mmc.cfg file. This does nothing to help the cause.
Ideas?