There's a bit of confusion here.... The Code Red worm that will peak again (or try to) Wednesday evening only affects certain internet routers. It might cause the net to slow down for a while but it cannot infect home computers.
Whether it'll slow net traffic significantly depends on how many of the owners of those servers are so lazy or stupid they still haven't downloaded the patch from Microsoft. I'm going to stick my neck out and predict it won't have any great effect this time and next month when it will attempt to peak for the third time I predict it won't be entirely extinct but it'll be much too rare by then to have any noticeable effect on the net.
That worm was designed to scan the net for vulnerable systems where it can install itself, and eventually after building up many copies of itself all over the net, launch a denial of service attack on the White House website. It failed; all they had to do to stop that was change the White House IP address (it still has the same DNS address and service was only interrupted very briefly).
I should explain that.... A DNS (Domain Name Server) address is something like
www.bladeforums.com Your DNS server has to translate that to the IP (Internet Protocol) address, currently 216.199.11.131 for Bladeforums, before you can go to Bladeforums. It's done that way because humans find it easier to remember an address like
www.bladeforums.com than 216.199.11.131 which is what the computers use. So, all they had to do to stop the attack on the White House website was to tell the DNS system to translate
www.whitehouse.gov to a different number than the one Code Red was attacking ... that left it attacking nothing; there was no longer anything there at that address to attack.
But Code Red is still around and it's still scanning the net for vulnerable systems to install itself on to prepare for another futile attack on nobody. That scanning activity will reach another peak Wednesday night, and if there are enough copies of it doing it, it'll take up a lot of bandwidth and slow down other traffic.
There is some concern that someone might modify Code Red to do other more effectively nasty things, but even if that happens it can't infect your computer; it can only infect an operating system that is only used on a few internet routers -- so again, it could cause some problems on the net but not on your computer. Most routers don't use that operating system and surely most of those that do have had the patch installed by now.
The virus that's going around Bladeforums is the SirCam virus. Details here:
http://www.bladeforums.com/forums/showthread.php?s=&threadid=162970
Briefly, you have nothing to worry about unless you
both don't have any virus protection (or haven't updated it)
and you click on the attachment when it gets emailed to you. The attachment comes with varying file names but it's not difficult to recognize; just read the thread and/or the page at Mcafee (there's a link to it in the thread). Refusing to open any email attachments anyone sends you is unnecessary.