my mybb forum shows error

my mybb forum shows error like below.

MyBB has experienced an internal error and cannot continue.

Error Type:
(8192)
Error Message:
Function set_magic_quotes_runtime() is deprecated
Location:
File: inc/class_core.php
Line: 163
Code:
160. $this->strip_slashes_array($_GET);
161. $this->strip_slashes_array($_COOKIE);
162. }
163. set_magic_quotes_runtime(0);
164. @ini_set("magic_quotes_gpc", 0);
165. @ini_set("magic_quotes_runtime", 0);
166.
Backtrace:
File Line Function
/inc/class_error.php 171 errorHandler->output_error

 	  	errorHandler->error
    /inc/class_core.php 	163 	set_magic_quotes_runtime
    /inc/init.php 	51 	MyBB->MyBB
    /global.php 	19 	require_once
    /index.php 	18 	require_once[/COLOR]

forum url [URL="http://www.satnetforum.com"]www.satnetforum.com[/URL]

what went wrong?

PHP:

 

Did you or your provider recently upgrade to PHP 5.3? If so, this function is now deprecated and depending on your error handling reporting configuration, this could be stopping your forum.

Source: http://php.net/manual/en/function.set-magic-quotes-runtime.php

 

what can i do to rectify the same?

 

1. See what version of PHP you are using. You could create a stub .php file with phpinfo(); to view this.
2. See if an upgrade of MyBB is available that works better with PHP 5.3, or downgrade your PHP version if this is possible.