Earlier this week (5/29), I upgraded to Adobe Reader XI on Windows 7, and I experienced complete failure of the application to launch. Reinstalls were attempted as well as the Adobe Reader cleaning tools, but those processes had no effect. After doing some digging, I found the following error entries in the Windows Event Viewer:
Faulting application name: Eula.exe, version: 11.0.0.379, time stamp: 0x505fc5b0
Faulting module name: nvdxgiwrap.dll, version: 8.17.12.6696, time stamp: 0x4d4a29db
Exception code: 0xc0000005
Fault offset: 0x0000282a
Faulting process id: 0x22f0
Faulting application start time: 0x01ce5e2f79ed2056
Faulting application path: C:\Program Files (x86)\Adobe\Reader 11.0\Reader\Eula.exe
Faulting module path: C:\Program Files (x86)\NVIDIA Corporation\CoProcManager\nvdxgiwrap.dll
Report Id: b7a70181-ca22-11e2-a1d5-b9e8c6ec20d2
This was triggered every time the application was started (either by opening a PDF file or manually starting the application). The culprit here is another executable that is apparently being ran by Adobe Reader XI called Eula.exe. This executable is exactly what you would expect it to be. It displays a End User License Agreement, but apparently does so poorly. To fix the issue, go to the directory indicated in your Windows Event Viewer error message (in the above it is C:\Program Files (x86)\Adobe\Reader 11.0\Reader, which is located next to "Faulting application path:" and open the Eula.exe application manually.
Read the EULA, agree to it, and you will be able to open Adobe Reader.