The messages are like;
10/10/2006 8:19:07 PM||Starting BOINC client version 5.2.13 for windows_intelx86
10/10/2006 8:19:07 PM||libcurl/7.14.0 OpenSSL/0.9.8 zlib/1.2.3
10/10/2006 8:19:07 PM||Data directory: C:\\Program Files\\SETI@home
10/10/2006 8:19:08 PM||Processor: 1 GenuineIntel Intel(R) Pentium(R) 4 CPU 1500MHz
10/10/2006 8:19:08 PM||Memory: 767.48 MB physical, 1.83 GB virtual
10/10/2006 8:19:08 PM||Disk: 14.65 GB total, 4.71 GB free
10/10/2006 8:19:08 PM|SETI@home|Computer ID: 2107624; location: home; project prefs: default
10/10/2006 8:19:08 PM||General prefs: from SETI@home (last modified 2005-11-29 23:19:36)
10/10/2006 8:19:08 PM||General prefs: no separate prefs for home; using your defaults
10/10/2006 8:19:09 PM||Remote control not allowed; using loopback address
10/10/2006 10:28:20 PM|SETI@home|Fetching master file
10/10/2006 10:28:25 PM|SETI@home|Master file parse failed
10/10/2006 10:28:25 PM|SETI@home|Too many backoffs - fetching master file

What am I supposed to do?

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Update to BOINC 5.4.11. Just install over your old BOINC directory.
Make sure the new BOINC is allowed through your firewall (software), on TCP ports 80 (for contacting the project) and 31416 for communication between the Boinc daemon and GUI.

You may then want to reset Seti@Home: Open Boinc Manager, Projects tab, select Seti, click Reset, confirm with Yes/OK.

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