After first making its debut back in February 2003, the Lovgate worm is back again with a new variant.
"The most recent versions of the worm--Lovgate.AE and Lovgate.AH--were discovered on Sunday. They spread by e-mailing themselves to addresses found on an infected machine and then open a "back door" to give control of the infected system to an attacker."
This variant will not actually delete files and folders - as such - it will instead replace critical system files with infected binaries that can effectively render a Windows install useless.