Upgrade to Lion causes click on menu>Share< to spin

Since upgrading from OSX 10.7 to Mountain Lion, whenever I open a menu with a right click if it hovers over share it starts spinning and I have to do a manual restart to stop it. Previous to this I was having sharing permission errors which most likely accounts for that problem, however after running repair permissions and disk repair - those permissions still show up as repairs.

I have an iMAC 2.7 Intel i5 and it's only about a year old.

To top it all off I lost all Adobe registrations - which makes me wonder why that happens? Since we just moved, those original disks are in a box somewhere in the garage.