Google Updates – GOOGLEUPDATE.EXE
Googleupdate.exe will appear in a folder called C:\Program Files\Google\Common\Update\1.0.69.0\ (number may vary). This file is the updater that installs with Google Gears. Google Gears is an open source browser extension that enables web applications to provide offline functionality using several JavaScript APIs. You'll find more information at http://gears.google.com/.
More recently, files called googleupdate.exe or googleupdater.exe are also used to update the Google Toolbar, Google Desktop Search, and the Google Pack. You'll find more information at http://www.google.com/support/pack/bin/answer.py?answer=30252&topic;=8326.
Google has gotten some criticism for their autoupdater because the updates are done silently in the background and the feature can't be disabled wia the Google Toolbar. If you don't want automatic updates, try disabling these files via Winpatrol under your Startup Programs. If you do want updates, you can consider these files safe to have around though they shouldn't need to be running all the time.
Safe
Google