Probably not. This DCOM exploit is not known to affect Win9x (including WinME.) It is known to affect any version of Windows using the NT Kernel. This includes WinNT 3.51, 4.0 Workstation and Server, Win2K (all versions), WinXP and Win2003.
Unfortunately, Windows NT 3.51, and Windows 4.0 Workstation are no longer supported by Microsoft and no patch has, or will be, issued for those products.
In fact, while both of these products have been proven by outside agencies to be infectible, Microsoft has not seen fit to recognize that fact in their security bulletins.
There have been some rumors that running Win9x with the Microsoft Personal Web Server can make your computer vulnerable to this exploit. There is no significant data to suggest that this is, in fact, the case.
To be entirely safe you can install a personal firewall that blocks TCP and UDP ports 135, 137, 138, 445 and 4444 or you can get out your wallet and buy a supported copy of Windows.
Win98 Second Edition is supported until September 30th, 2003.
WinME is supported until December 31st, 2003.
If you are running the original Windows 98 and a bug comes out that does affect it, there will be no patch for you. After the end of next month, any version of 98 will be unsupported, and after the end of the year, you must move up to Win2k or XP .