So we've been playing with the Snow Leopard for awhile but didn't know how to update to QuicktimeX (or Quicktime 7) - Snow Leopard comes with Quicktime 6 by default. Turns out, it's pretty easy. Just open a Quartz compozer file from your computer with Quicktime and it will prompt you to update. To find a .qtz file simply do a Spotlight search.
Here's a video of the process from ijustapple. Turn off the sound on your computer before hitting playunless you happen to be DJing at a 1990's club.