Joh,
You're not going to believe this, but there are two RAW files in Process Explorer. However, both point to the same regular x86 common files location. The interesting thing is that the file in that location is 10.1 MB (ACR 4.4), but the file showing in Properties is 9.7, which is ACR4.0 (ACR 4.0 is loading.)
So somehow ACR 4.0 is opening but PS is not actually reading the location given by PE itself!
Here is an image that will explain it better. it's at 1900x1600 since that is what I run my monitor at. I left it at that size in case you run yours that size also.
It will be interesting to see what you make of this.
Thanks for you help.