At first glance, they look pretty legitimate, but a second glance at the offered registration link reveals that the target page does not belong to ImageShack.
Another clue that the email might be fake is the provided username and password. Sunbelt's Chris Boyd received the email in question and remarks that he would never use the give combination of username and password, even if he had registered with the service.
The offered link belongs to an Australian art gallery whose website was probably compromised, and presents to the user the following request:
But, Boyd says that users should still be careful about visiting the site, since "there’s still some iframe activity taking place". He also advises users to be careful of such emails in the future, because it is likely that criminals will be sending out the same email - albeit with a different malicious link, pointing to different malware and using a different exploit.
When in doubt whether you have signed up for something, it's better to just delete the email.