That is the autosandbox in action, the file system shield (FSS) does scan it and if a file doesn't meet a number of checks like, it isn't digitally signed, or is in a strange location or in the emulation part of the FSS does something that might be considered suspicious. Then it would be handed off to the autosandbox, where the user can decide on the action to take.
Bear in mind that the FSS hasn't alerted, which is a good thing, but I'm surprised realplay.exe isn't digitally signed as it is such a known product.
http://www.processlibrary.com/directory/files/realplay/24764/So if you know you installed realplayer, you can choose to run it normally and check the option to remember your decision for this program, etc.
This is somewhat different to the NetWaiting before as a) you knew nothing about it and have never had a dial-up connection, so why it was on your system was somewhat of a mystery.