Adobe Presenter failed to open because either it is not licensed or there is an error.. Help!

I have been using registered version of Adobe Presenter ( I have a serial number) for some time. Now I receive the following error message:
"Adobe Presenter failed to open because either it is not licensed or there is an error in the licensing system. Please close and re-launch PowerPoint and enter
serial number to license it. If this problem persists, reinstall this product and try again."
The registration page pops up but just briefly--too fast to click the accept/decline buttons. I have tried deleting the Office and Adobe preference files under User as well as uninstalling/reinstalling but the error message persists making presenter unusable. I also tried to install just a a trial version but also receive the same error message.
System is Win 7. As I said I have been using it for over a year successfully.
What can I do to fix this?
Thanks...Dave

Thanks Nirupam.  Here are the answers.
The hardware for recording audio is simple mini-phone plug to mini-phone jack in the back of the computer.  The driver is HD compatible (Microphone High Definition Audio Device)
After recording, I am able to replay it, but Powerpoint crashes soonafter, and not predictably.
So far I have added no markers or specified any actions.
Specifically, I have taken enumerable actions-- some of these per suggestions made in this forum (to the letter).  Perhaps the most frequent action is to drill into Powerpoint options, and re-enable the Adobe Presenter add-in.
I have been able to apply neither the 7.05 patch nor the 7.06 successfully.  Both failed (the error message said it wouldn't apply to this version of Presenter.  Again, it's Presenter_WWE.exe).
I can see that you have ramped this up to known bug status.  I appreciate that and am sure you'll come up with a rock solid solution.
As I've said earlier, one of Adobe's strengths, for me, is that they understand the needs and idiosyncracies of faculty.  Faculty cannot handle geek solutions (like changing registries).  After frustration, they will abandon and move on.
Thanks,
Glen

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