Hi tornado73,

Do as Asyn says, and to convince yourself about the necessity of the update read about the patch that came to your obsolete version, videolan security link here: http://www.videolan.org/security/sa1005.html
About that vulnerability and the credits for finding it:

This vulnerability was reported by Georgi Guninski, Taeho Kwon, ACROS Security and H.D. Moore.
An exploit was posted on exploit-db by Vinay Katoch.

polonus