Update: Looks like Microsoft has pulled the offending patch. Expect it to be released again sometime in the near future - hopefully without further problems. If you see a repeat update and don't want to apply the manual fix, simply force a new check for updates. If you prefer to be fully patched, then you can proceed directly to the fix it section below.
One of the Recommended Updates for patch Tuesday of August 2012 is broken. When you install updates and reboot, you will see the patch for KB2647753 presented. Installing it (again and again) will not make it go away. Each time it will claim to have been successful . . . but I'm not certain that's true. Worse, your system may insist on attempting to re-install this patch every time you shut down your workstation - prolonging the shut down procedure.
Hopefully Microsoft will notice this problem later today or perhaps this week and fix the problem from their end.
Until they do, you have two options.
1) Ignore it, or hide it (not really recommended)
2) Fix the problem manually.
What is KB2647753?
It's a non-critical but recommended update to the printing core components for Windows 7 and Server 2008. It does not apply to Server 2003 or Windows XP.
Here's how to manually fix it:
a) Open your Control Panel, go to "Programs and Features" (also known as "Uninstall a program" if you use the Category view in Control Panel)
b) Click the link on the left to "View installed updates"
c) I recommend changing the view to Detailed view and sorting on Name, then scroll down to the Microsoft Windows section and locate: "Update for Microsoft Windows (KB2647753)"
d) Right click KB2647753 and UNinstall it . . . wait for the process to complete.
e) Reboot your workstation
f) Get over to http://support.microsoft.com/?kbid=2647753 and download the full installer for this patch - make sure you get the right version for your OS including x86 versus x64. You will be asked to allow Microsoft to Validate your Windows OS license.
g) Run that installer, let it complete, then reboot your workstation again.
h) Check your Windows Update, force a check for updates, and the repeat offender should now be gone.
Hope this helps.