How does Islam view the Christian New Testament?

*I realize this is a rather broad question. I'm looking for a broad answer as well, with just a general overview of the relevant material. I will likely ask more specific followup questions.* As Islam was founded several hundred years after Christianity, and is also an Abrahamic religion, and Islam, for example, views [Jesus as a prophet of Allah](https://islam.stackexchange.com/a/365/29) , whose life is most well known through the Christian New Testament, I am left wondering how Islam regards these religious texts. What is the relationship between Islam and the Christian [New Testament](http://en.wikipedia.org/wiki/New_Testament) ? What authority, if any, does it have, and how should it be read and understood by a Muslim?