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What is it?
Real Player Scheduler - realsched.exe

What does it do?

realsched.exe - The Real Player automatic update utility. It has no real functional purpose. I would certainly stop this from running on startup.

Virus Precautions:
You'll want to keep an eye on this google search for any known viruses. The normal location of realsched.exe is C:Program FilesCommon FilesRealUpdate_OBrealsched.exe