control.exe (control stands for Control Panel) is a Windows NT/2000/XP generic process which corresponds to the control panel.
The file that corresponds to this process is normally found in the directory "%SystemRoot%\system32\control.exe" (where %systemroot% is usually C:\WINDOWS by default).
The process control.exe is not in any way a virus, a worm, a Trojan horse, spyware, or adware.
It is a process which can be terminated.
