I've just installed adobe reader 2.0 for ppc on my dell x51v.
No problem at the installation.
I try to run it and nothing... the axim is still running, no scrach.. I can do all I want but adobe is not running. I try to open directly a pdf file, and as I try for adobe 2.0 nothning append, no error message, nothing but the file is not open.
I had problems with adobe at first, but I could always read the files, they were just blurry.
Have you tried re installing?
If so also try version 1 of adobe and see if that works.
I ended up using the tweaks 2k2 hack to force vga and it now looks great.
good luck