Ipconfig.exe is a registered file belonging to Microsoft Windows Operating System. The name of the file actually stands for IP Configuration. The program is used to assign and view the IP (Internet Protocol) address of the machine, which is being used.
The file ipconfig.exe is located in the folder C:\Windows\System32. It is recognized as a Windows core file and is in general legitimate. The file size for the version in Windows XP is 55808 bytes. The program runs in the background with no visible window. It is a Microsoft signed file and is therefore a safe file to run. It is not a critical file, and can be shut down if required.
There are however certain malware, which pretend to be ipconfig.exe. Such viruses, Trojans, spyware or worms generally make a file by the same name in the folder c:\windows or c:\windows\system32. Care should be taken while removing the files, and it is best that if an infection is suspected to run a scan using a recognized antivirus and antispyware program. General signs of an infection are slowing down of the computer, and loss in performance.
Overall, however, the chances of an infection arising from a file named ipconfig.exe are rare. If an infection is suspected, it would most probably be due to another file which is running. The file is therefore not considered as a security risk, as there have been low or no cases of malware associated with it.