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ANSWERS: 2
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For an application that is exposed to any group of users you do not fully trust, yes. Turning register_globals on allows an outside user to set values for variables in your script by POSTing them to your script or passing them in as GET parameters; if you are not very defensive with your programming and you use register_globals = On you are asking for your script to be cracked.
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Yes, make sure you initialize every variable you use to values that you determine and that you carefully sanitize any input you receive from a web client using preg* functions.
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