Oh, I understand your frustration with it needing updates and then not identifying what they are. It probably is something fairly core like DirectX, though, and not something you're likely to get around too easily if you don't want to hand over control of the updates. Which is annoying, I agree. Highly.
As for the security things, yes, some are bigger problems than just DOS or spam kind of things. There have been some IE holes and such that could bite you, but in general you are fine with a firewall and some anti-virus scanners for email and the like.
Like you, I almost NEVER have trouble with this kind of thing. Almost NEVER. But I've always had good firewalls and I never ran IE once Mozilla got decent. And I'm careful where I surf and EXTREMELY careful what email I open. Unfortunately many folks aren't, and sometimes Windows has bigger security holes than just these things, too.
Anyway, like I said, since we got to XP I've never had a problem with letting the Windows update just run. At least the XP team finally got it pretty dang right, to MS's credit. Where they came up with Vista, well, I'll never understand.
As for finding what it is exactly that GE needs, well, usually some Googling can turn that kind of thing up. Might take some drilling, though.
And not that it matters, but I've been on the Internet since 1990. Chances are when you surf the web the server that you're hitting is running code that I wrote, in fact. Not much, but some. And I had a Commodore 64 as my first computer, but I was only like 12 at the time.
--Donnie