VLC is a cross-platform media player and streaming server.
A remote attacker could entice a user to open a specially crafted .wav file, and a local attacker could entice a user to run VLC from a directory containing specially crafted modules, possibly resulting in the execution of arbitrary code with the privileges of the user running the application.
There is no known workaround at this time.
All VLC users should upgrade to the latest version:
# emerge --sync
# emerge --ask --oneshot --verbose ">=media-video/vlc-0.8.6i"