No, they can't, and one or the other should be removed.
If you see no option of removing McAfee, then delete Adobe Acrobat Reader and try replacing it with something such as Foxit Reader, which had sandboxing before Adobe even announced their intention of adding it. It's also a fraction of the size, and quite capable.
Help! I simply responded to a CNET e-mail this morning and downloaded the latest version of Adobe (X 10.0). With it came McAfee Security Scan Plus, with no chance (that I noticed) of deselecting it before installation. My question: I use Norton 360 on my PC. Will the McAfee download adversely affect me? I haven't done a scan with it yet. Please let me know if I should (that is if I can) delete the McAfee or it's OK to leave it on with the Norton also installed. Thanks for any info. BTW, sorry if this is posted in an incorrect area. I looked all over the site for the most appropriate place but I couldn't seem to find an area that best addresses this so I took the general route. Oh, just noticed the "read before posting" below. There's probably no system info necessary for this question except possibly my OS which is Vista Home Premium. Thanks again.