http://www.pishtech.com/pvrs_update_071309.zip
Save the zip file, open it, select "extract all" from the file menu, and select the location where the game is installed, which is usually c:\games\pishtech\vrsportfishing.
Please let me know if you have any trouble with the update.
Here's what's new:
The passage of time: No more endless days. You can pick the time as well as the date to start each fishing trip, and whether you want time to pass normally (real time) or twelve times faster (accelerated time) which is always the case for tournaments. At night the birds will stop singing, and you'll hear owls and frogs.
Dynamic lighting: The light level and visibility depends on the position of the sun, cloud cover, moonlight, starlight. You'll see sunrises and sunsets, and the moon with correct rises, sets and phases.
Dynamic weather: Clouds may roll in, it may start to rain, and you may even experience a thunderstorm. You can choose constant or changing weather when you start a fishing trip.
Dynamic fishing conditions: Fish respond to changes in the weather and the light, so walleyes may go on a feeding frenzy at dusk, but the bluegills will shut down at night.
Thompson Reservoir: This new location features a dam, a feeder creek (too shallow for boating), an old river channel, a flooded road bed, and lots of stumps. It's got a nice population of largemouth bass, smallmouth pass, walleyes and panfish. You'll also see improved landscape textures, plus houses around the lake and a city in the distance.
Live bait rigs: Choose a sinker or a bobber. If you select a bobber an appropriate size will be picked automatically based on the bait you're using, and you'll select the fishing depth. The bobbers are all slip bobbers, so you can fish with them at any depth.
A screen-shot capture system: Press the SysReq key to save a screenshot while you're fishing or boating.
Automatic re-rigging: If you lose your bait or lure and have more like it, you'll automatically be rigged up again and you'll see a message telling you how many you have left.
Performance improvement: Some of the processing for the high-level water effects is now faster.
Ability to open the reel: During a retrieve or before casting you can turn your mouse wheel to open your reel and allow your bait to sink.
Support for nocturnal sounds, and any additional objects in custom lakes. See the master lake definition file for object settings. Also for lake creators, a function to write your coodinates to a file while driving. Press the letter "o" key to add your current location to a file. This is very helpful for building a list of locations for houses and other objects.
Here are a few more screenshots:
Heading towards the feeder creek, with the city in the distance:

The mouth of the feeder creek:

A hazy day near the dam:

A view up the creek towards the city:
