The state selective photodissociation of acetylene, C2H2/C2D2, was studied in the wavelength range 121.2-132.2 nm by high resolution Rydberg atom time-of-flight measurements on the atomic fragment H/D. In the wavelength region studied members of all four Rydberg series and the highly excited (E) over tilde valence state were state selectively excited using tunable vacuum-ultraviolet laser radiation. The lifetime of the excited states which were studied varied from 58 fs to more than 2 ps. Formation of the ethynyl radical in its (X) over tilde electronic ground state and its first electronically excited (A) over tilde state is observed with practically no indication of (B) over tilde state fragments. Two decay channels with different dissociation dynamics were also observed. In both channels the observed decay dynamics depended strongly on the excited state of the parent molecule. Further there are major differences between these two dissociation pathways with respect to the measured internal energy and angular distributions. In one channel the dissociation is dominated by dynamical effects and the C2H fragments are formed with a high degree of vibrational excitation. In contrast to this in the second channel a smooth internal energy distribution is observed indicating that the fragment quantum state distribution is spread over a considerable range of the available phase space. Moreover, this second channel can be fit with a phase space model constrained only by conservation of energy and angular momentum. This is further evidence for the randomization of internal energy during the dissociation process.