Did you try it with the default theme? I mean I am using it with my Vbulletin 4.1.1 and I do not see that error... Couldn't it be an edit from something else? Also too did you upload the latest update for VB 4.11?? Mine works fine checked all the links and everything works fine...
And the only time I had those errors was in the begining and I used those edits from
http://www.v3arcade.com/forums/showthread.php?t=3215
And that fixed it fine but I didn't do those edits with the latest release of VB 4.1.1 or V3Arcade...
Also I would not use that edit with this version as I didn't have to use it this time!
Make sure you uploaded all of the files to the correct directory and make sure your not running some other version of V3 Arcade that might be conflicting!
Also too make sure just in case you might not have understood the folder that says "forums" doesn't mean you upload the files to a folder called "forums" it means those files in that folder are to be uploaded to your root of your forums! I mean it doesn't hurt to make sure you didn't make such a simple mistake!
"Warning: Invalid argument supplied for foreach() in [path]/includes/v3arcade_functions.php on line 203"
Those errors are saying that file doesn't exist that's why I am assuming you uploaded those files or some of them to the wrong directory! And it could be a theme edit issue from a previous installation is why I said try the default theme...