For free, Windows Defender (included in Windows 8, called Microsoft Security Essentials and available for download for Windows 7) is probably the best. Reasonably low resource usage, about 90% catch rate. It works ok.
Personally, I recommend ESET NOD32. It is not free, but it very good. Very fast, very stable, and high catch rate, more like 98-99%. Plus you can configure the scanning engine to exclude certain file types (so like I exclude NKI, NKM, WAV, FLAC, BFDLAC, and so on, all the audio stuff) to keep usage down on intensive stuff.