gpg error apt-get update

The important part of your error message is the following in bold:

W: GPG error: http://download.virtualbox.org lucid Release: The following signatures were invalid: BADSIG 54422A4B98AB5139 Oracle Corporation (VirtualBox archive signing key)

Copy the stuff in bold and then open a terminal and type:

sudo apt-key adv --recv-keys --keyserver keyserver.ubuntu.com 54422A4B98AB5139

i.e. paste using SHIFT + INS the number you have copied - 54422A4B98AB5139

You'll have to enter your password, the key will be downloaded and integrated.

http://askubuntu.com/questions/1877/what-is-the-easiest-way-to-resolve-apt-get-badsig-gpg-errors