First of all, Shellshock is a family of vulnerabilities not just one (CVE-2014-6271. CVE-2014-6277, CVE-2014-6278, CVE-2014-7169, CVE-2014-7186, and CVE-2014-718)
-it affects the Unix and Unix like systems.
From Semantics
The vulnerability affects Bash, a common component known as a shell
that appears in many versions of Linux and Unix. Bash acts as a
command language interpreter. In other words, it allows the user to
type commands into a simple text-based window, which the operating
system will then run.
Bash can also be used to run commands passed to it by applications and
it is this feature that the vulnerability affects
1) if you're using vulnerable version of bash (component of the OS that takes commands from you and passes it to the Kernel and return the output) Then yes, you are vulnerable
2) could allow an attacker to gain control over a targeted computer if exploited successfully.
3)
Shellshock could potentially compromise millions of unpatched servers
and other systems. Accordingly, it has been compared to the Heartbleed
bug in its severity
The Shellshock problem is an example of an arbitrary code execution
(ACE) vulnerability. Typically, ACE vulnerability attacks are executed
on programs that are running, and require a highly sophisticated
understanding of the internals of code execution, memory layout, and
assembly language—in short, this type of attack requires an expert.
Attacker will also use an ACE vulnerability to upload or run a program
that gives them a simple way of controlling the targeted machine. This
is often achieved by running a "shell". A shell is a command-line
where commands can be entered and executed.
4)
The vulnerability lies in the fact that an attacker can tack-on
malicious code to the environment variable, which will run once the
variable is received.
More read :
http://www.symantec.com/connect/blogs/shellshock-all-you-need-know-about-bash-bug-vulnerability
https://blog.cloudflare.com/inside-shellshock/
http://resources.infosecinstitute.com/practical-shellshock-exploitation-part-1/
http://resources.infosecinstitute.com/practical-shellshock-exploitation-part-2/