Some urban legends never die, and some hoax emails have lived for more than a decade now, it's just the specifics that vary time by time. There is an e-mail message circulating about an alleged virus that you might receive in the coming days in the form of an attached file called "Windows Live Update".
The virus is said to "burn your hard drive" and "is the worst virus announced by CNN" according to the message, adding that "there is no possibility of repair". The email even mentions the antivirus provider McAfee as one of the sources of the information, however there is no such virus identified by McAfee or reported by CNN.
Messages like this have been circulating since at least as far back as 2000, and the wording hasn't changed much since then, apart from the name of the supposedly dangerous attachment, which could be Invitation or A Card for You in some other versions.
This particular warning message is a hoax then, however there are various viruses, trojans and other types of malware indeed, that can spread by email. The best thing you can do is keep your antivirus up to date, and do not forward such hoax emails to your contacts.