Code RED in a nutshell
 1) NT and 2000 Servers that are running IIS.
 2) Patch has been available since Jun 18/2001.
 People should be more concerned about that stupid Sircam virus than this Code red worm, as usual the mainsteam media has it all wrong.
 More info
 Summary: 
 The Code Red Worm and mutations of the worm pose a
 continued and serious threat to Internet users. Immediate action
 is required to combat this threat. Users who have deployed
 software that is vulnerable to the worm (Microsoft IIS
 Versions 4.0 and 5.0) must install, if they have not done so
 already, a vital security patch. 
 How Big Is The Problem? 
 On July 19, the Code Red worm infected more than 250,000 systems
 in just 9 hours. The worm scans the Internet, identifies
 vulnerable systems, and infects these systems by installing
 itself. Each newly installed worm joins all the others causing
 the rate of scanning to grow rapidly. This uncontrolled growth
 in scanning directly decreases the speed of the Internet and
 can cause sporadic but widespread outages among all types of
 systems. Code Red is likely to start spreading again on
 July 31st, 2001 8:00 PM EDT and has mutated so that it may be
 even more dangerous. This spread has the potential to disrupt
 business and personal use of the Internet for applications such
 as electronic commerce, email and entertainment. 
 Who Must Act? 
 Every organization or person who has Windows NT or Windows 2000
 systems AND the IIS web server software may be vulnerable.
 IIS is installed automatically for many applications. If you
 are not certain, follow the instructions attached to determine
 whether you are running IIS 4.0 or 5.0. If you are using
 Windows 95, Windows 98, or Windows Me, there is no action that
 you need to take in response to this alert. 
 What To Do If You Are Vulnerable? 
 a. To rid your machine of the current worm, reboot your computer.
 b. To protect your system from re-infection:
 Install Microsoft's patch for the Code Red vulnerability problem: 
 - - Windows NT version 4.0: 
http://www.microsoft.com/Downloads/Release.asp?ReleaseID=30833)  
 - - Windows 2000 Professional, Server and Advanced Server: 
http://www.microsoft.com/Downloads/Release.asp?ReleaseID=30800)  
 Step-by-step instructions for these actions are posted at 
http://www.microsoft.com/technet/treeview/default.asp?) 
 url=/technet/itsolutions/security/topics/codeptch.asp 
 Microsoft's description of the patch and its installation,
 and the vulnerability it addresses is posted at: 
http://www.microsoft.com/technet/treeview/default.asp?) 
 url=/technet/security/bulletin/MS01-033.asp