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Most likely, it executes whatever code is in the post variable 'x' as php, so if someone posted some malicious php code it could be pretty bad depending on how your server is configured.
I don't really see any real point in having that in there and would most likely remove it unless you know it's used for something and even then i'd find a way to replace that functionality w/o something that didn't leave such a big security hole.
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