When you start Photoshop it will say "Can't load Cooltype" . If you start Illustrator it will say Illustrator has encountered an error and crash. If you start Indesign it will say "Indesign needs to be reinstalled" and closes.
These are all connected to the same issue which is corrupted Fonts and Caches files on your MIAD account. To resolve this go to your Home folder, and open your Library folder. Look for and select the files (NOT FOLDERS) "Caches" and "Fonts" they will have white page icon with tiny black arrow because they are aliases. Drag them to the trash and empty it.
Restart the computer and all adobe programs will run fine.
NOTE: In Lion and Mountain Lion, the Library folder for the user is hidden by default. To get to it to solve this issue, open Finder and on the mac bar hit "Go" and select "Go to Folder". In the search box type in "~/Library". That will open the current library for the logged in user and you can proceed as normal.
If the folder is still hidden and you cannot see the contents, go to "Terminal" and type the following command
"chflags hidden ~/Library" and enter the admin password and the contents will show up as normal.