Folding@Home is a project started by Stanford University to research the way proteins proteins fold and misfold.
Yasgur, Bethsoft Forums moderator:
This concerns a distributed computing project (along the lines of SETI) from Stanford University in the US that deals with research in proteins, and hopes to result in ways of finding solutions to diseases like Alzheimer's, Parkinson's and others. I've had this installed on my system for a couple of months now. It runs completely unattended, has a small footprint and hasn't disturbed my gaming at all.
For every protein your computer finishes you get points, which are added to your total score. You can work together with a team as well, and share your points. There's an Elder Scrolls team, which is doing pretty good. There's a team ranking, and we're at 564 of 72614. Our team ID is 52286. You can use Folding@Home on your PS3 as well by the way.
There's a pinned Folding@Home thread at the Community Discussion forum of the Official Elder Scrolls forums. But I'm sure there are many people who don't check that place often.
The official forum thread is here
The official Folding@Home site is here