What is it?
Java Update Scheduler - jusched.exe

What does it do?
jusched.exe - This is Sun's Java automatic update utility. If you would like to disable this scheduler then go to your control panel and click on the java module. The go to the updates tab and uncheck "check for updates automatically".

Virus Precautions:
You'll want to keep an eye on this google search for any known viruses. The normal location of jusched.exe is C:Program FilesJavaj2re1.4.2_04injusched.exe. Obviously j2re1.4.2_04 is the version number. At this time my search shows nothing that you need to worry about..