I've stopped using Acrobat Reader for quite a while because it is bloated and slow. My favorite is Foxit Reader 2.3 for Windows. Foxit has also released Reader 3.0 for Windows with more features that I didn't need. After installation, you can copy the files in your installed directory to a USB flash drive and run Foxit Reader on any computer. You can't disable auto update but your third party firewall should prevent it. Also, for privacy reason, you can remove the list of files opened using CCleaner.
Another alternative is Sumatra PDF which does not require any installation. You can disable auto update but you can't remove the list of files opened. During testing, I encountered "Couldn't render the page" error while opening a pdf file as shown.