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The exploit sent a string of OOB (out of band) data to the target computer on port 139 , causing it to lock up and display a "blue screen of death." ( BSoD)
Long term effects were pretty much non-existent, however any unsaved data would have been lost.
A person under the screename "_eci" published his Microsoft C source code for the exploit on June 7, 1997. With the source code being widely used and distributed, Microsoft was forced to create security patches, which were released a few weeks later.
Also see: Nuke (computer)