I heard about that one. It is posted on our "announcments page" here at school, so it must be serious. This is what it says:
There is an email circulating with the subject of ILOVEYOU. It asks you to open a love
letter attachment. Do Not Open. Delete immediately.
VBS/LoveLetter is a VBScript worm. It spreads thru email as a chain letter. The worm will use Outlook to mass mail itself to everyone in each address book.
For more information go to:
http://www.data-fellows.com/v-descs/love.htm