A serious bug in the linux kernel v 2.6.17 or newer that allows a local user or someone who has ssh access to obtain root priviledges. The bug is due to vmsplice() system call.
CVE-2008-0009
CVE-2008-0010
CVE-2008-0600
More information here: dsd's weblog
Also, you can have a look at the redhat / fedora bugzilla which has a working exploit code
If you are the only person who uses your linux computer (locally or remote) then you really have nothing to worry about.
Steps to Reproduce:
1. Download http://downloads.securityfocus.com/vulnerabilities/exploits/27704.c
2. cc -o exploit 27704.c
3. [as non-privileged user] ./exploit
Actual results:
Root shell
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