Download these files, you can download from here:
http://download.videolan.org/pub/videolan/maemo/vlc/
save them where you are in the terminal
libvlc5_1.1.0~git5935-1_armel.deb
vlc-nox_1.1.0~git5935-1_armel.deb
vlc-player-nox_1.1.0~git5935-1_armel.deb
vlc-player_1.1.0~git5935-1_armel.deb

then run
'dpkg -i debfilename' for each file in the order as below

but seriously it doesn't worth the try there is still bugs