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The default Virtual Box packaged in the standard Ubuntu 10.04 ( lucid ) repos is 3.8.somehting OSE . The main problem with that software is that it does not have USB support. The only way you have to get that is either by getting a non OSE version or upgrade to version 4.

In case you want to upgrade to version 4 you shall remove your virtual box, get the ppa, get the extension for usb support, install the new virtual box and install the extensions. Don't worry, your virtual machines will keep on working and the whole process can be scripted/copied pasted :

 sudo apt-get remove --purge virtualbox-ose
 sudo -v
 echo "deb http://download.virtualbox.org/virtualbox/debian $(lsb_release -sc) contrib" | sudo tee -a /etc/apt/sources.list

 wget -q http://download.virtualbox.org/virtualbox/debian/oracle_vbox.asc -O- | sudo apt-key add -

 sudo apt-get update
 sudo apt-get install virtualbox-4.1
 wget  http://download.virtualbox.org/virtualbox/4.1.4/Oracle_VM_VirtualBox_Extension_Pack-4.1.4-74291.vbox-extpack

start virtual box ( now in applications/system tools ) , go to file/prefences, click Extensions, click add package ( the little diamond on the right ) and locate the file you downloaded with the last wget ( see above ) .

happy virtualization !