Hallelujah!!! Hallelujah!!! Hallelujah!!!
First, thanks to all that responded, especially rfreese who sent me the source code I requested. I now realize that the source code distributon is a different distribution than the install version.
I finally got around to looking at the source code today and examining the dump I posted above. The problem was that somehow, the admin user's email address was set to "admin". The code is expecting/demanding an email address with an @ sign in it. I consider this a bug and will post it in the appropriate place. The code should handle this problem better.
From the Configuration.vb module, here is the offending line in the DefaultEmailDomain() property:
Return _portalEmail.Substring(_portalEmail.IndexOf("@"))
Obviously, if your admin user's email address doesn't have an @ sign, you are in trouble here.
I can't really say what the admin's email address was from the begining of my installation, but since my DNN install worked for months, even weeks since the last upgrade to 3.2.2, I will assume it got changed somehow. Furthermore, although I considered it a coincidence at the time, I now suspect the module I installed when this first happened is the culprit. Unfortunately, that was long enough ago that I don't remember which module it was. Darn it.
Also, the error above is what I saw when I had AD turned on and I got it just trying to get to the site. Coincidentally, and I never noticed this, I also got the same error message, but presented differently, if I had AD turned off and gave the wrong password or an invalid user id. In this case, the error only occurs when you actually try to login, and it's handled differently. Apparently the code is catching this exception in this case and just presenting the error message in one of the skin's panes. You can read more about this scenario in this post:
http://www.dotnetnuke.com/Community/ForumsDotNetNuke/tabid/795/forumid/89/threadid/23110/scope/posts/Default.aspx
Thanks to all those that helped.