Various sources state that deleting svchost.exe may make your computer unbootable.
FOR INSTANCE, FROM http://ask-leo.com/svchost_and_svchostexe_crashs_cpu_maximization_viruses_exploits_and_more.html
Let me tell you what it is not: On Windows XP, 2000, and 2003, svchost is not a virus. On those systems, svchost is a required system component. If you happen to successfully delete it, your system will not run. You'll be much worse off than before.
Do not delete svchost.exe. Don't even think about it.
Svchost, which is short for "service host", is a core part of the operating system that provides support to many of the required services that are Windows.
Svchost.exe is frequently spoofed by viruses attempting to hide. The official copy should be in your Windows\system32 folder, but there may be others.
Those four locations [C:\Windows\System32, C:Windows\ServicePackFile\i386, C:\windows\$NtServicePackUnistall$ and C:\I386] are all valid places to find a file called "svchost.exe". Note that only one of them, C:\Windows\System32\svchost.exe, should actually be running. The rest are various forms of backup associated with installing and upgrading Windows.
So what if you find a svchost.exe somewhere else? It could be the result of a virus. Your very first step should always be to run an up-to-date anti-virus scan. Most will take care of the problem safely.
CONFIRMATION FROM http://windows.microsoft.com/en-US/windows-vista/What-is-svchost-exe
Svchost.exe is a process on your computer that hosts, or contains, other individual services that Windows uses to perform various functions. For example, Windows Defender uses a service that is hosted by a svchost.exe process.
There can be multiple instances of svchost.exe running on your computer, with each instance containing different services. One instance of svchost.exe might host a single service for a program, and another instance might host several services related to Windows.