Program List
There's multiple classifications of infection in the computer world, just like there's multiple classifications of infections in the real world (for example viruses versus bacteria versus fungal infections). These infections work in different ways, and are often removed in different ways as well.
There's two main common categories for computer infections because of this. The first is "viruses", this generally includes viruses, worms, trojans, and malicious modifications to core system files. The second is "malware", which generally includes spware, adware, rogue software, and malicious system settings changes.
Often a scanner for one category won't aim for the other category due to the major differences, so it's recommended to have two programs. One antivirus and one antimalware, unless you have an antivirus that specifically includes antimalware instead (such as one of the paid anti-virus programs.)
It's important to only keep one anti-virus program installed at a time. Antivirus programs aren't normal programs, they hook into core parts of the system (such as filesystem I/O) and expect to be the only things doing so. Having multi antivirus programs can actually cause them to perform worse, or actually damage your system under rare circumstances.
Anti-virus
Free
Avast! - Has a boot-time scanner which can be really helpful to remove infections.
Microsoft Security essentials - Good at staying out of your way unless there's an issue. Updates definitions along with Windows Update, is light on requirements.
Comodo - Includes a software firewall and other such additional protections, but may be too restrictive for power users.
Avira - Standard antivirus, but the free version displays an ad when it updates.
AVG - Light on requirements, but can be seen as a little behind the times.
Paid
Kaspersky - Big focus on Heuristics, so it can often catch infections before other AV programs can.
NOD32 - Low amount of false positives.
Bitdefender - Big focus on phishing protection, includes various other things such as parental controls (but the controls are easily bypassed).
F-Secure - Very fast and lightweight, but weak anti-malware protection.
Trend Micro - Website blocker, modern firewall, and a spam filter. Not the best malware protection.
Anti-Malware
Free
MalwareBytes - Excellent, takes steps that other programs don't in order to remove stubborn infections.
SUPERAntiSpyware - Light on resources when scanning.
Spybot S&D - And old standby, but can be considered deprecated. The TeaTimer component should not be installed or used.