Microsoft issued 3 security bulletins. One vulnerability in the Windows kernel could lead to code execution while viewing manipulated EMF or WMF graphics; another weakness in Microsofts SChannel (Secure Channel) implementation and one in Microsofts DNS and WINS server could be abused to spoof another identity. An update fixing Microsofts Excel isn’t available yet though.
Adobe released patches for Acrobat and Reader Version 9 as announced earlier in February. Patches for older versions will be following in a week, according to Adobe.
As some of the closed security holes allow for (remote) code execution, it is advised to apply the provided patches as soon as possible.