It is a volume/setting control panlel for the sound card. Do not delete it but you can disable it. Go to Start -> Run -> and type MSCONFIG. Go to the Startup tab and disable it, if you ever need it again you can easily re-enable it.
The file is not malious at all, nor is it a problem, it just adds functionality(although not essential).
The file is not malious at all, nor is it a problem, it just adds functionality(although not essential).