Logging into Windows for websurfing

[BobLewiston]

When logged into Windows, it's safer to websurf in a limited user account (rather than an administrator user account) because then if you do get infected by malware, the malware won't have administrator account privileges, and so has less ability to harm your computer. But what if you're logged into a limited user account (and not simultaneously logged into an administrator user account) but you're running any software (such as HideMyIP) with administrator privileges (because it won't run otherwise)? In that case, could malware take advantage of administrator level privileges in attacking your computer?