A remote code execution vulnerability exists when MSDT is called using the URL protocol from a calling application such as Word. An attacker who successfully exploits this vulnerability can run arbitrary code with the privileges of the calling application. The attacker can then install programs, view, change, or delete data, or create new accounts in the context allowed by the user’s rights.
Please see the MSRC Blog Entry for important information about steps you can take to protect your system from this vulnerability.