This is a large unencrypted multipartite EXE and DOS boot sector infector.
It contains this text:
KARNAVALI OF PATRAS !!!
*** PATRAS H/Y ***
A lovely heart fell from the sky !!!
The text refers to the annual carnival festival held in the
city of Patras in Greece. PATRAS H/Y seems to refer to the
Computer Science dept. of the University of Patras.
[Analysis: Mikko Hypponen, F-Secure]