Article OBSOLETE!!...
In today's threat-scape; definition based anti-malware/virus are totally obsolete.
Avast comes closer to a modern utility than most because of it's heuristic engine. But I have four(or more) freebees to add that will actually help mitigate an infected environment, if you do banking or shopping on line.
I realize this article is supposed to be about free malware utilities only, but that is just not going to cut it, and I try to draw attention to this every time I get a chance - SORRY!
1. To block SSL session riding - Rapport
2. To prevent keyboard and video spying - KeyScrambler
3. To prevent inputting private information to the hard drive- LastPass
4. To watch/stop file manipulation processes - WinPatrol
5. To totally prevent hard drive writing - Steady State(XP)
6. AdAware's AdWatch is actually one of the better free malware real time prevention utilities going, MBAM and SAS real time prevention are not free. I don't complain about RAM requirements, all my clients have over 1Gb of RAM anyway - it is not a factor now.
Some of these don't particularly need an update for definitions, only to harden and modernize, which they all do magnificently. Simply keeping all your applications, drivers, and operating system fully up to date, can keep many exploits from pwning your system regardless of defined threat! CNET's own update reminders can help, but also Secunia PSI and/or File Hippo's update checker will do a pretty thorough job of it.
For the newbies out there; learn how to set up a standard account and only use it for daily web work. If you have Vista/Win7 you will have to give installations administrative log on to those accounts. It is a lot easier than logging off and onto the administrative side of your PC as in XP.
The built in UAC is your friend an probably one of the best free processes that can keep you safe than any other single built-in feature, on Vista and Windows 7.