from a quick analysis: it decrypts (TEA) a downloader in memory, uses an "internal PE loader" (that's why it uses kernel32.dll i think) and call the downloader. that download other executables from some online location (there are two locations possible haven't checked how it chooses one of these).
cbbugltjud.com
dbicrgzykf.net
which are known malware domains.
generate id and p as post parameters to uniq.php page but i haven't got an executble so far.
regards
ocean