I had one of our employee's computer come down with it the other day. Used McAffee 7.0 and followed the instructions on the McAffee website. No problem to remove. Mostly the virus scanning and cleaning (or deletion) worked automatically to remove the msblast stuff. Checked the registry and nothing was to be found in there regarding it anymore.
The nasty part of the virus is the fact that it shuts you down after 30 minutes, then less time between shutdowns, until you're about 1 minute between shutdowns.
One thing I figured out was to unplug the ethernet cable from the back of the system, thus preventing (or perhaps defeating) the RPC's that ultimately cause the reboot.
Follow the instructions regarding disabling the RPC as well as the system restore. However MAKE SURE YOU PUT THOSE SETTINGS BACK after you have done the update and virus scan.
McAffee 7.0 didn't come with the newest upgrades, even though I bought the package that day. You'll need to get online to be able to download the newest, so you'll definitely need to disable the RPC's.
Also was able to use Norton AntiVirus 2003 on another system to get the patches, and found they had pretty much the same instructions as McAffee.