Files 755 for wordpress 3.2.1

Hello All!

I want to upgrade my wordpress instalations to WP 3.2.1. But my hosting says this: “Your server is running PHP version 5.1.6 but WordPress 3.2.1 requires at least 5.2.4.“.

So, after insisting for a while, they said to me that I have to activate my site with this .htaccess: AddHandler cgi-script .php
and then to put all my files on 755. I know this is not the best solution, but I can′t change my hosting. Is this may be a risk for my site?

Thank you!