While there are instance of regression bugs in Microsoft's security updates, the instances of such are quite rare. You actually put yourself a a high level of risk by not applying patches or even not applying patches in a timely manner. Several years ago I had an acquaintance who flat-out refused to patch her Windows system. I don't recall which virus de jour infected her system, but I do remember that it exploited an RPC vulnerability (as opposed to an Internet Explorer vulnerability) that was patched quite early on in the virus' lifetime.Just because Microsoft releases a patch, doesn't mean you need to install it.
I must also point out that anti-virus software alone isn't enough to keep your system bug free. Virus definitions are only updated upon discovery of a virus - a decidedly reactive approach. Microsoft will release patches when the vulnerability is discovered. Despite the rise of zero-day attacks (the virus or worm being discovered in the wild the same time or before Microsoft discovers or becomes aware of the vulnerability) there is usually a time lag between the vulnerability being discovered and an exploit being developed. So applying patches is a much more proactive approach to securing your system.