Trojans are malicious applications that pose themselves as legitimate software in order to trick users to install them. Once on the victim's machine, it may run any number of malicious process to steal vital information or inflict damage to other software.
This application is used as a tool to scam myspace users. It gives the attacker the ability to send mass messages using a fraudulent myspace account for the purpose of phishing. If the user's account is phished then their account will be used in other phishing related activities. Users should be aware of the very real danger when accepting unfamiliar friend requests.