Not at all, its a easy process, but requires some attention.
Lets say, the way you have your vBulletin setup now is inside a sub-directory named ‘forums’.
Now in an ideal world when you are using the vB Suite you need it in the root, (unless you run a different front end.) So, yes you could just move it in to the root,
but be careful because you are dealing with vB4 and caching.
Now most people over at vBulletin support will tell you this:
1. Change your vbulletin boards address from 'youroldwebsite.com' to 'yournewwebsiteurl.com' in the Admin CP.
2. Go to cPanel and Copy / Paste the files inside the 'youroldwebsite' folder to root.
But, What vBulletin support most of the time will fail to inform you is about the datastore or cookie path
which will stop you from logging in if you did just do what they said.
This cookie issue will prevent you logging in to vBulletin – So once that happens, The easiest way, is to use the tools.php that came with your vBulletin zip and upload it to your admincp directory and run it, it will ask for your customer number for authentication but after this you will see a screen come up with all the current data in your database, including the cookie path,
click Reset to fix the login issue. Then remove the tools.php file for security reasons.
You may be okay from here, but in most cases the paths to attachment directories require a manual database edit..
Good Luck..