Dice you honestly have no clue how this works,
It opens a Java App asking for your permission,
You would then think, "Oh well it can't do anything to me lets
see what this site is that my best friend just sent me"
Next thing you know you computer gets super slow and
it spams all of your msn with the link.

Service.exe IS the trojan.
The file is automatically downloaded due to a Java exploit.. please read next time.

service.exe is a process belonging to the Dell Solution Center which offers worldwide technical support and training for it's products. This program is important for the stable and secure running of your computer and should not be terminated. This process is also installed alongside Adaptec SCSI cards, and again should not be terminated unless causing problems.

...
Its not a main OS file.

EDIT:

Proof

http://i33.tinypic.com/9gdp3a.jpg

Ok service.exe is the file, I've found the irc and have sent an email to get it shutdown.

Hopefully it gets taken out soon.
I never accept links before verifying that my friend stated the website, not a trojan.