That is an EXE hack and something I'm not going to fool around with to get my
pants sued off of me by Microsoft.
I wish it were different. If someone knows something different, I would like to know.

ok this is what you do get res hack and you open your exe file with it
http://www.angusj.com/resourcehacker/ thats the web site and you open version info folder

1 VERSIONINFO
FILEVERSION 48,32,1223,11 this is where you change the version number
PRODUCTVERSION 48,32,1223,11 change this too
FILEOS 0x40004
FILETYPE 0x2
{
BLOCK "StringFileInfo"
{
BLOCK "040904B0"
{
VALUE "Comments", ""
VALUE "CompanyName", "Microsoft Corporation"
VALUE "FileDescription", "Freelancer"
VALUE "FileVersion", "1, 0, 0, 0"
VALUE "InternalName", ""
VALUE "LegalCopyright", "© 2003 Microsoft Corporation. All rights reserved."
VALUE "LegalTrademarks", ""
VALUE "OriginalFilename", ""
VALUE "PrivateBuild", "Release"
VALUE "ProductName", "Freelancer"
VALUE "ProductVersion", "1, 0, 0, 0"
VALUE "SpecialBuild", ""
}
}

BLOCK "VarFileInfo"
{
VALUE "Translation", 0x0409 0x04B0
}
}
also if you plan to run a server for your self download the fl patch 1.1 and edit that too