To check on the latest version of a piece of software, you can poke around Tools, Tasks, About or some other menu.
To check out your whole machine including programs that weren't written by Microsoft, or Adobe, look at CleanSofts Update Notifier
What is Update Notifier?
The Update Notifier is a small utility that scans your computer for installed software and displays a list of updates. Also you can see the latest updates for applications from your Watch List.
It will show you updates for programs you forgot you ever installed.
It's a simple download app that is not "installed".