What is LastFM.exe process?

Process associated with 'LastFM' a UK based internet radio provider. LastFM works via a process known as 'Audioscrobbler' which involves the provided software noting what types of music/artists you listen to both via the LastFM radio station or also on your own computer, and then making recommendations based on these details as to what other music you might enjoy. Essentially spy-ware, that works to your advantage, allowing you to create a customised audio experience.