If this system is connected to the internet you could use the auto update or the manual iAVS update.
If it has been downloaded to and copied to a CD\USB pen drive you should copy it to the hard disk and run it from there.
Two points, one, you are running an old version, the latest version is 4.7.871 and in a short time there should be a minor program update released (it is in beta now). Two, the error SI: 0x00000005 is a permission error so what user permissions did you have when you tried to run the update.
I believe this has been discussed before so you could also try a forums search for the other two error codes and or 'Can't install VPS update' without the quotes.