Answered
The following Acrobat X User Interface click sequences "Edit-Preferences-TouchUp-Choose Image Editor" and "Edit-Preferences-TouchUp-Choose Page/Object Editor" allow the user to select an Image Editing and Page/Object Editing programs besides Photoshop and Illustrator. Are any freeware or 3rd party commercial editing programs compatible with Acrobat X?
I've never used this feature before but even though I have FrameMaker configured to use JPG compression for images, Acrobat keeps sending the assets to my editing program of choice as PDFs so I guess you're limited to apps that can open those (on a whim I tried Visio, no go). Since you have to manually change the app in the preferences menu every time you want to try a new one, I would err in favor of a more all-in-one solution like GIMP. Or, you know, Photoshop.