You have an old version of software that is not native to the Intel processor but rather was written for the old Macs based on the PowerPC processor, models which Apple discontinued seven years ago. Mac OS X 10.7 Lion does not support PowerPC-based applications as older versions of Mac OS X did, so you will need to get a newer, Intel-native version of Adobe Digital editions. Or you will need to obtain a copy of Mac OS X 10.6 Server and run it in one of the virtualization solutions (Parallels Desktop, VMWare Fusion, or VirtualBox).
Regards.