Here is the MBAM log.

Malwarebytes’ Anti-Malware 1.51.2.1300
www.malwarebytes.org

Database version: 8116

Windows 6.1.7601 Service Pack 1 (Safe Mode)
Internet Explorer 9.0.8112.16421

08/11/2011 1:48:07 PM
mbam-log-2011-11-08 (13-48-07).txt

Scan type: Full scan (C:|D:|)
Objects scanned: 530065
Time elapsed: 42 minute(s), 11 second(s)

Memory Processes Infected: 0
Memory Modules Infected: 0
Registry Keys Infected: 0
Registry Values Infected: 3
Registry Data Items Infected: 0
Folders Infected: 1
Files Infected: 23

Memory Processes Infected:
(No malicious items detected)

Memory Modules Infected:
(No malicious items detected)

Registry Keys Infected:
(No malicious items detected)

Registry Values Infected:
HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows\CurrentVersion\Run\Privacy Protection (Exploit.Drop.Gen) → Value: Privacy Protection → Quarantined and deleted successfully.
HKEY_USERS.DEFAULT\SOFTWARE\Microsoft\Windows\CurrentVersion\Run\4Y3Y0C3AYF7W0E5DHHDLQ (Trojan.Spyeyes) → Value: 4Y3Y0C3AYF7W0E5DHHDLQ → Quarantined and deleted successfully.
HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows NT\CurrentVersion\Winlogon\Shell (Backdoor.Agent) → Value: Shell → Quarantined and deleted successfully.

Registry Data Items Infected:
(No malicious items detected)

Folders Infected:
c:\Recycle.Bin (Trojan.Spyeyes) → Quarantined and deleted successfully.

Files Infected:
c:\programdata\privacy.exe (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\programdata\B590.tmp (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\programdata\D50D.tmp (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\0.2154529405218547.exe (Trojan.Inject.adb) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\0.7044912839181757.exe (Trojan.Inject.adb) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\A7FB.tmp (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\B0DF.tmp (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\D4ED.tmp (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\E5E6.tmp (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp~!#680E.tmp (Trojan.Agent) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp~!#7D43.tmp (Trojan.Inject) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp~!#809F.tmp (Trojan.Agent) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp~!#8D5C.tmp (Trojan.Inject) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp~!#C8CD.tmp (Exploit.Drop.Gen) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp~!#CFC0.tmp (Trojan.Agent) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp~!#D296.tmp (Trojan.Agent) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\LocalLow\Sun\Java\deployment\cache\6.0\11\2dff028b-22a19cf4 (Trojan.Inject.adb) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\LocalLow\Sun\Java\deployment\cache\6.0\9\e814d49-4839cb2c (Trojan.Inject.adb) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\0.4143448418927945.exe (Exploit.Drop.2) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\AppData\Local\Temp\0.6428196549692389.exe (Exploit.Drop.2) → Quarantined and deleted successfully.
c:\Recycle.Bin\b6232f3ae3f.exe (Trojan.Spyeyes) → Quarantined and deleted successfully.
c:\Recycle.Bin\d8b0f07c2685ad1 (Trojan.Spyeyes) → Quarantined and deleted successfully.
c:\Users\administrator.phill01\Desktop\eXplorer.exe (Heuristics.Reserved.Word.Exploit) → Quarantined and deleted successfully.