If possible, update your PHP installation to the latest available version. If you’re using a shared hosting that provides both PHP and mySQL services, you must ask them to update PHP (and/or mySQL libraries used by PHP). They should have no objection updating it as this is probably a mistake on their part.
Cheesedude’s experience will not guarantee you won’t have problems. You should definitely update your php version. Different apps could have different effects of version disparity based on what features they’re using. Eg cheese may just be using simple crud. You may use sprocs and they may break. Can’t be certain. Better safe than sorry.