What is it?
P2P.TANKED virus cmd32.exe

What does it do?
Worm spreading through Kazaa

Virus Library has the full dirt (source)

The worm has a powerful backdoor routine that connects to an IRC channel and listens to commands from its "master".

The worm itself is a Windows PE EXE file about 100KB in length and written in Microsoft Visual C++. The worm is compressed by the UPX file compression utility and then encrypted with the "Krypton" Win EXE file encryptor.

When the infected file is run, the installation routine gains control.

Removal:
Virus Library has the full dirt (HERE)