Looxee is a hacking tool. Though these programs are legitimate and useful tools when they are appropriately used, a hacker could take advantage of them in order to carry out malicious actions.
Looxee monitors and logs the actions carried out by the user on the affected computer. It is completely invisible to users if the person who installed it wishes so. To be more precise, it allows to register email messages sent and/or received, instant messaging conversations, keystrokes entered, web pages accessed, screenshots, etc.
Additionally, it has got an alert feature, which allows the person who installed it to be alerted via email or by phone if a certain keyword is entered, or a certain web page is visited, or if the user attempts to access a certain device: CD-ROM, USB device, etc.
Looxee does not pose a risk by itself, but it can be used with malicious intentions.