I might write it this way:
if (isset($_REQUEST['Submit'], $_REQUEST['name'], $_REQUEST['desc'],
$_REQUEST['metatitle'], $_REQUEST['mkeys'], $_REQUEST['mdesc']))
{
if (isset($_GET['lid']) && is_numeric($_GET['lid']))
{
$query = sprintf("UPDATE news
SET name='%s', description='%s', meta_title='%s', meta_tags='%s', meta_desc='%s'
WHERE newsid=%d",
mysql_real_escape_string($_REQUEST['name']),
mysql_real_escape_string($_REQUEST['desc']),
mysql_real_escape_string($_REQUEST['metatitle']),
mysql_real_escape_string($_REQUEST['mkeys']),
mysql_real_escape_string($_REQUEST['mdesc']),
$_GET['lid']);
mysql_query($query);
Notice the use of mysql_real_escape_string instead of addslashes. You might want to switch to the PDO extension or MySQLi extension and use prepared statements.