This update.exe is one of the bad update files that exists.
Here's the thing : A friend of mine got this on his comp and its icon is blinking in the process-corner. Its blinking between the windows update logo and a red shield with a white cross.
I found out that it was in a folder called "Fellesfiler", on C: and there was also a file in system32 and prefetch. Inside "Fellesfiler" it was in a folder which had the name of the reg key for update.exe.
I deleted all of those files, yet the problem still remained ; they all came back.
Tried almost everything i know, and this is like the first time i've ever had a problem fixing malware, so i hope you guys can help me on this one.
Thanks on beforehand.