Launching New configuration has encountered error

I have Adobe AIR installed on one of my MAC OS X 10.4. I have been using it successfully. I changed a few settings on my Adobe AIR application recently.
Now when I try to start my application, it comes up with an error message that it cannot load the latest configurations.
‘Launching New_configuration’ has encountered a problem.
Accept timed out
I am not sure how I can revert back to the regular default settings.
Can anyone help me with this error message?
