You
can completely get it out without formatting. However, both your legit virus scanning program and SpyBot probably have to be relatively up to date. I got the this on my Windows XP x64 machine from a keygen to a soccer game I wanted to try before I bought, which turned out to completely suck anyway. I knew better to use the stupid thing and should have just looked for a key elsewhere.
Anyway, as soon as it comes up and starts doing its thing, hit the restart button on your PC. Boot to safe mode, preventing the bogus AV suite from launching. Run a virus scan with your legit virus scanner, now run SpyBot. The virus scan will probably find and remove the first trojon it creates. Spybot may or may not find ALL of the virus at this point. In the advance tools in Spybot, find and remove any startup program that looks like "alkjgflaksjdlkmc" or whatever in the name.
Now, reboot as normal. The bogus suite shouldn't start, at least not for a while. Update your virus scan. Update Spybot and run immunizations and a total scan. In my case, it identified the bogus suite and removed it. Check your startup programs again and make sure there's nothing fishy in it.
If you suspect a particular program you downloaded of giving you this, uninstall that program and remove EVERYTHING associated with it.
Reboot one more time. Run one more scan of both spyware and viruses now or the next day.
It was a pain in the ass, but I've been clean about a week now and it would have come back before that.
Also, don't bother running a restore point to try and avoid all these steps... AVG would usually pick up the trojons in the system restore sections of the system.
In my opinion, this is a bad virus but not quite as annoying to completely remove as "vundo" AKA "virtu mundo"
OH, and one of the biggest pains about this AV suite crap is that even after cleaning the system, you'll be like "I can't view any websites!" That's because you have to simply set your "proxy settings" back to default lol
Like Azimuth said though, if you don't do something the MINUTE you see this evil program, you will probably be riddled with BS so bad that you will be forced to reformat.