Joe,
The virus is actually much worse than just email. It spreads 3 ways and is very nasty.
1. The virus can be spread to a computer just by surfing the web. An infected web server will run a javascript on your computer and your computer will download the appropriate files for the virus without you even knowing it. Once this is done, it will run and send email to all of the people in your address book on Outlook Express or Outlook. On top of that, your computer will attempt to infect other webservers on the same IP octet range as yours.
2. Spread via email as you mentioned. If you open an email with the appropriate attachment, the virus will put itself on your computer and run like point 1. Keep in mind that this virus can work without you even opening the attachment! This is bad bad news. If you see ANYTHING suspicious, delete it. Also, this virus changes the subject headers and changes the filename of the virus at random so you may not know what you're looking for. On top of that, it will most likely come from someone you know.
3. It can be spread to web servers much in the same manner as code Red. Directly from other webservers doing port scans, or from the email infected users.
Some precautions you should all take immediately.
1. Turn off Java on your web browser and curtail browsing, or stop browsing completely.
2. If you're going to keep browsing, check
http://www.cert.org for the latest updates as well as
http://www.symantec.com. They have the most up to date info. on the virus.
3. Don't open emails that you think may be suspicious, even if you know who it's coming from. They may also be infected.
4. Keep checking the news sites as they will have updated info. as well.
5. Disable html on your email client, especially if you're using outlook or outlook express.
6. STAY AWAY FROM NEWSGROUPS!!!!! THIS CAN BE BAD NEWS if your client is setup for html etc.
I'll keep you guys up to date as I get info. Good luck!
Jack