What to do?
Secunia PSI (Personal Software Inspector) scans all files on your Windows system and, using Secunia's database of fingerprints, is able to determine the software versions installed on your system (including the multiple installations of Java in the example above). It then makes recommendations for any vulnerable software, including links to download the patched version of the software or to uninstall the program. I recommend switching from the default "simple" interface to the "advanced" interface to see all vulnerabilities on your system.
I've been using Secunia PSI on my personal systems for a few months now. It has saved me a lot of time in trying to keep track of all the different software versions on my systems. It also comes in quite handy when performing tech support for relatives--just install Secunia PSI and let it tell you what exactly needs to be updated.
Secunia PSI is free for personal use and I wholeheartedly recommend you try it today and see what vulnerabilities it finds on your system.