Unfortunatly the c-korn/vlc ppa has been removed but thanks to Ferramosca Roberto there is a new PPA for the VLC package.
To install the latest version of VLC (1.1.4) open a Terminal window (Applications -> Accessories -> Terminal) and copy+paste the following lines:
sudo add-apt-repository ppa:ferramroberto/vlc
sudo apt-get update
sudo apt-get install vlc mozilla-plugin-vlc
VLC Homepage
If you have VLC installed with the c-korn/vlc PPA remove the PPA. To do this open your Software Sources (System -> Administration -> Software Sources) Select the Other Software tab and search for VLC PPA (http://ppa.launchpad.net/c-korn/vlc/ubuntu lucid) and select it now click on the Remove button. Next Select the Authentication tab and search for Launchpad PPA named vlc for Cristoph Korn. Select it and click on the Remove button followed by the Close button and reload your software sources. Now open a Terminal window and copy+paste these lines:
sudo add-apt-repository ppa:ferramroberto/vlc
sudo apt-get update
sudo apt-get upgrade