CRE Loaded - Godaddy - Register_globals is disabled in php.ini, please enable it

I am getting an error on my online store that is built on CRE Loaded and hosted with Godaddy. The error is "FATAL ERROR: register_globals is disabled in [login to view URL], please enable it!" The website was functioning fine from last couple of years. Suddenly this eror started coming. I believe that Godaddy has update the PHP version on their shared hosting that is causing this issue. Currently the register_globals = on in the [login to view URL], however when I change it to [login to view URL] it starts giving a list of depreciated functions. The objective of this project is to fix this issue and probably that may require the CRE Loaded files need to be enhanced to be compatible with PHP 5.3. The website has to be properly functional including store front and the admin.