OK I've done a bit more research...First make sure Real Player is not open at all (that its either not in the dock at the botton, and if it is that there isnt a black triangle underneath). Now open the finder and go to your applications folder and find the real player icon, click it once to select it and press command+I (command is the key that has the apple symbol on it), this will "Get Info" on the application.
In the Get Info window find a box that says "Open Using Rosetta" and tick the box, I'm assuming it should be in a plain sight, but I don't have one of the new intel macs to check myself
Now close that get info window and open up real player and do what i said before. Make sure you click install once it finds the update. The quit real player and now it should work.
Assuming this works, you might be wondering what this Rosetta thing is. Well, Apple Macintoshes until recently used processors made by IBM called PowerPC processors. Apple have now changed over the iMac and all their notebooks to new processors from intel. This change meant that some applications might not work unless the programmer who made it recompiles the code into a special "Universal Binary" (Which means they can release a program and it will work fine on both PowerPC and on the new intels).
However, if you find an application that isn't yet made into a universal binary you can still run it because of the clever Rosetta appication (which works out of sight, so you never know it's there). Running an application in rosetta will be a little slower, for some programs you might not notice the speed difference. But for whatever reason, at the moment if you want to install the Real Audio 3.0 update, the application must be running in rosetta mode. Hopefully, real will issue an update so this isn't need soon.
As for an alternative, there isn't one to my knowledge, unless anyone has any other suggestions?
Let me know if this works.