Microsoft AntiSpyware – SHELLEXTENSION.DLL
Shellextension.dll is a browser helper object that installs with Microsoft Antispyware. It is required to support the program's realtime monitoring features. Microsoft AntiSpyware is an antispyware program that Microsoft purchased from Giant Company Software. More information can be found at http://www.microsoft.com/athome/security/spyware/software/default.mspx.
This file will place a button on your browser toolbar that, when clicked, will launch Microsoft AntiSpyware. If you run Microsoft AntiSpyware, leave this file in place. if you don't have Microsoft AntiSpyware installed, then you don't need this file.
Because this is a fairly common name, it's possible that there are other programs that use it.
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Microsoft