Believe it or not, I've been intentionally keeping quiet with this thread, since I've given my opinion many times and had lively debates defending my recommendations. ;-)
That said, here's my quick suggestions:
1. AV Products. You need one. I suggest Eset's NOD32 for the best combination of thoroughness and lightness. If you insist on a free product, Avria's AntiVirus is the one to get, though you'll probably want to disable the annoying popup screen advertising the paid version. AVG Free is simply NOT ENOUGH PROTECTION to be worthwhile anymore. I speak from experience, here, kids.
2. AntiSpyware. You probably need one, unless you keep scrupulous system backups and can be trusted to never get infected with spyware. SUPERAntiSpyware is really great at both cleaning (free version) and monitoring the launch points spyware can get into (paid version) without slowing your system like WebRoot's SpySweeper. SpyBot Search & Destroy is simply NOT ENOUGH PROTECTION and DOESN'T CLEAN CURRENT THREATS as well as it used to. My friend and PCMag writer Neil Rubenking recently confirmed my findings:
http://www.pcmag.com/article2/0,2704,2261193,00.asp3. Firewall. You definitely need a hardware firewall, such as a Linksys router, even if you only have one computer. You definitely need an inbound-blocking software firewall like Windows's own built-in firewall. You may or may not need an inbound-outbound software firewall - I guess it depends on if you are a belt-and-suspenders kind of person, but I generally say no on a gaming system, and YES for a system that children use. The free Comodo firewall is really great, and worth checking out if you feel you need it.
4. If you insist on messing around with warez and porn, consider using a VMWare virtual machine or VirtualPC running Windows (or Linux) within your system, or get a second system just for that stuff and use Ghost or Acronis (or similar tool) to revert it back. Let all that stuff run wild in the virtual or second environment, do what you need, then revert it back to its pre-download, clean state when you are done.
and 5. Make sure Windows Update is set to run automatically, and consider using a regularly updated alternative web browser and email program like Opera, Firefox, Thunderbird, or similar.
Thanks for the plug, 715. ;-)
-Llama