Why do I have two PS application folders?

I constantly get messages when I open a file in PS that tell me PS has changed its location. I discovered I have two copies of the PS application folder. Should I discard one? If so, might I lose some information that is in one but not the other?

They seem to be identical when I open files with either of the application the folders contain (same actions I created, for example), but when I look in the "Info" of the PS applications, one is dated 25th November 2008 and the other 19th October 2009.

What is going on here? What should I do?

first back up you computer so u have an identical system as it is now ......youll have to have an external hard drive .........then take your ps folder open it up in the finder and check to see that all susequent files are the same except for the date .......go back into applications and take the earliest one and drop it into the new one.....if this dosent do it then you can always reset your computer to the back up you made before hand and your back to square one.......all of this is assuming you have a mac.......if its windows welllll hope this helps