New Graphic Site is a mass mail worm written in Java Script that takes advantage of a vulnerability in Yahoo! Mail, exploiting a hole that allows scripts embedded in HTML-based e-mail messages to execute via recipients' browsers. Arriving as an e-mail message with a subject line of "New Graphic Site," the worm targets e-mail addresses in the yahoo.com and yahoogroups.com domains, replicates by running a script that sends copies of itself to similar addresses harvested from infected users' Yahoo! Mail folders, and sends those harvested addresses to a collecting remote server.
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http://www.snopes.com/computer/virus/newgraphic.asp
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I'm so glad you checked it out on snopes first. Too many people are quick to pass along a fake virus warning.
Yeah I hate viruses so I like to post when I hear about it.