It was easy enough to extract the MSI and source files from the ‘AdobeAIRInstaller.exe’ but then the MSI would only run from the extracted ‘Adobe AIR Installer.exe’ (note the spaces in the file name).
Running the MSI gives a weird error like "cannot connect to network location (computed)" or some such nonsense.
This was fixed by adding the two properties ISSETUPDRIVEN=1 and LANGUAGENAME=English
However later on these fixes stopped working so I dug a bit deeper and discovered that the error was caused by the sequence of the Custom Action ‘SetSHAREDADDINFOLDER’.
I moved it down to below 'InstallValidate' which seemed to fix it good and proper.

To prevent updates you apparently add a DWORD value named UpdateDisabled to the HKey_Local_Machine\Software\Policies\Adobe\AIR registry key, and set the value to 1.
I also removed ‘Adobe AIR Updater.exe’ just to make sure!
Not tested this so not 100% sure it works.

Good luck.