If we are to claim moral superiority to spammers, we can't sink to their level. IMO, the Lycos tactic is unethical. Vigilanteism is never the right answer.
While most of your arguments make sense, the last sentence is questionable. Vigilanteism is no more or less moral than having representatives apply a policy democratically. It's only a problem if the vigilante is unqualified to objectively identify the criminal and apply the policy. If Lycos is unqualified, then who is? (Note that those running the screensaver are just its agents, like deputies.)
The problem is not the "who", just the "how".
(Every one of us is a vigilante when we run MD, protecting our users without the aid of organized law enforcement.)
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