This indicates an attack attempt to exploit a Buffer Overflow vulnerability in Google Picasa.
The vulnerability is due to an error when the vulnerable software handles a malformed CR2 TIFF file. A remote attacker may be able to exploit this to execute arbitrary code within the context of the application, via a crafted CR2 TIFF file.
Google Picasa prior to 3.9.0 Build 137.69
System Compromise: Remote attackers can gain control of vulnerable systems.
Apply the latest update from the vendor.