PHP5 & Joomla

Greetings. I am running Joomla 1.0.11 on my site and am getting a security warning re: PHP magic_quotes_gpc setting is OFF instead of ON on my Admin page.

So today I have sat down with the intention of setting up my own PHP script to run on my server. However, when I do a search on the DH Wiki for the necessary guidance I find

So it appears I’m stymied.

I know there’s been a lot of discussion both here and at the Joomla forums with regard this matter, but don’t seem to be able to find a definitive, simple answer.

Can anyone provide any guidance please? Am I just going to have to live with this apparent security issue, or is there anything effective I can do about it? Has anyone tried (successfully or otherwise) the ‘theoretical’ fix suggested in the Wiki?

TIA & all the very best of the season to you all.