First, you can unregister the specific DLL that implements the vulnerable code from the system using a command line program. To disable the DLL click Start, then Run, then enter the following command:
regsvr32 /u shimgvw.dll
To re-enable the same DLL, click Start, then Run, then enter the following command:
regsvr32 shimgvw.dll
The same effect may be obtained with a registry change. In the Regedit program go to the key:
HKEY_LOCAL_MACHINE\SOFTWARE\Classes
\SystemFileAssociations\image
\ShellEx\ContextMenuHandlers
\ShellImagePreview
Then delete the default value. To re-enable the feature, go to the same key and set the default value as a REG_SZ to "{e84fda7c-1d6a-45f6-b725-cb260c236066}". You may download .REG files that perform these tasks from Athias's message.
The workaround has been confirmed by iDEFENSE as effective in preventing the current versions of the exploit, with a caveat. Previous vulnerabilities in the parsing of WMF files have led to additional vulnerabilities in EMF files, a later version of the metafile format. iDEFENSE warns that this workaround may not be effective against such future attacks.
Athias warns that if you unregister shimgvw.dll, Windows Explorer will not display thumbnails anymore. So the registry operation is a much better way.