I ended up switching the path of a network share that I had been synchronizing offline files with. It kept giving me an error stating "The specified network file is no longer available". Even though I turned off offline files and renabled them, it still kept trying to synchronize this old share. I even went through the registry and updated any old paths.
To fix this your best bet is to re-initialize the offline files cache and database. An easy way of doing this is through the registry. Create the following DWORD.
Key Name: FormatDatabase
Key Type: DWORD
Key Value: 1Then reboot your machine. It should discard any folders that no longer exist.
More explanation is available here http://support.microsoft.com/kb/230738
Comon sense disclaimer applies. I am not responsible for breaking your computer or lost data etc..