True, it works - reformating does solve most major errors, and helps to clean up the gunk in your PC.
[sarcasm]
But as for fast, yes it's fast. You only have to completely back up gigabytes of data, dig up the recovery disk that came with your computer, and then completely reinstall windows.
[/sarcasm]
For such a minor error, DO NOT reformat your computer. And I don't think it's a virus.
Do what Jed said, and if the test turns out that your memory is okay, try reinstalling your DirectX drivers. From Googling your error and some previous experience w/ error codes like yours, those are either memory error codes, or DirectX driver problems.
Good luck.
Slightly off-topic: Your cold better now, Jed? Hope you get better soon if you arent. :)