While the Web provides information and services that enrich our lives in many ways, it has also become the primary vehicle for delivering malware. Once infected with Web-based malware, an unsuspecting user's machine is converted into a productive member of the Internet underground. This talk explores Web-based malware and the infrastructure supporting it, covering an analysis period of almost two years. It describes trends observed in Web server compromises, as well as giving an overview of the life cycle of Web-based malware. The talk shows that Web malware enables a large number of questionable activities, ranging from the exfiltration of sensitive information such as email addresses and credit card information to forming spamming botnets, which are responsible for a significant fraction of the spam currently seen on the Internet.