This is a variant of the Hybris worm. There is much useful info here:
McAfee Virus Info
Recently I encountered this "spiral" effect as one of the plug-ins that comes with a worm called "W32/Hybris@MM". This virus appears to have entered the system via an executable called AIJBAIJB.EXE (but the name of the executable will be different in each case, I believe.)
It displays a graphic of a spiraling pinwheel that can't be closed or stopped. The filename will consist of eight random letters, and it loads using the run= line of the Windows section of win.ini.