Acrobat won't convert the fonts to outlines.
ILL or other vector program will.
I use ILL to convert to outlines & then save to a PDF and edit in Acrobat.
(helps save on PDF file size when creating forms)
The Vector Doctor posted a tip for converting type to outlines in a PDF using Illustrator here.
It's one of my top five "Signs101 Tips and Tricks" - the Vector Doctor rocks for that one!
You can save the file as an eps file with the option convert fonts to outlines. This works most of the times. Make sure the eps looks like the original pdf before doing anything because sometimes the eps loses the transparencies, gradients, color space, etc.