1)Open the newly downloaded file up with 7-zip or winrar, and extract its contents wherever you like.
2)The extracted folder should be named something like "vlc-1.1.10". Open this folder.
3)Inside should be a file named vlc.win32.nsi (NOTE: if this file does not exist inside of this folder, do an online search for its whereabouts in this release) Open this file with a text editor of choice.
4)Find the line(s) [CreateShortCut "$SMPROGRAMS\VideoLAN\VLC media player.lnk" "$INSTDIR\vlc.exe" ""] (Minus the brackets) and replace it/them with
[CreateShortCut "$SMPROGRAMS\VideoLAN\VLC media player.lnk" "$INSTDIR\vlc.exe" "--no-qt-privacy-ask"]
5)Find the line [WriteRegStr HKCR "VLC$R0\shell\Open\command" "" '"$INSTDIR\vlc.exe" --started-from-file "%1"'] and replace it with
[WriteRegStr HKCR "VLC$R0\shell\Open\command" "" '"$INSTDIR\vlc.exe" "--no-qt-privacy-ask" --started-from-file "%1"']
6)Save the file. If no more changes are needed, skip to the section on compiling!