Alternatively, you can install the ACSM plugin for calibre which will let you open the .ACSM file without needing ADE. However you will still need an Adobe ID. Since a library book will have DRM (it's part of what allows the library loan to expire without needing to contact the library), you would need to remove the DRM which as Mars95 said, morally questionable since you do not own a library loan though necessary to allow the format shift.
If you have the strength of will to delete the book when the loan expires, this may work for you. I have doubts about myself so avoid putting temptation in my path though I do know several Kindle owners in this area who are forced to do so to read library ebooks (AFAIAA, outside the USA, libraries do not loan Kindle format ebooks).
"I can resist anything except temptation."—Oscar Wilde
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