Not LiteSpeed but PHP related...
Do not upgrade to 5.0.5 without first validating your code against the new version. 5.0.5 made some changes to the object code that broke dynamic object property/variable setting like:
$this->$name = $this->_sql_array[$size];
Error: Cannot access empty property:
Where you are trying to set a dynamic variable with the name of $name of the value blah.