Lets install a more recent version of the GCC ARM Cross Compiler.

update your /etc/apt/sources.list to include

deb http://www.emdebian.org/debian/ unstable main

apt-get update
apt-get install emdebian-archive-keyring
apt-get install gcc-4.7-arm-linux-gnueabihf

make sure that the appropriate links for the compiler are created. If not create them manually.

cd /usr/bin
sudo ln -s arm-linux-gnueabihf-gcc-4.7 arm-linux-gnueabihf-gcc
sudo ln -s arm-linux-gnueabihf-cpp-4.7 arm-linux-gnueabihf-cpp
sudo ln -s arm-linux-gnueabihf-gcc-ar-4.7 arm-linux-gnueabihf-gcc-ar
sudo ln -s arm-linux-gnueabihf-gcc-nm-4.7 arm-linux-gnueabihf-gcc-nm
sudo ln -s arm-linux-gnueabihf-gcc-ranlib-4.7 arm-linux-gnueabihf-gcc-ranlib
sudo ln -s arm-linux-gnueabihf-gcov-4.7 arm-linux-gnueabihf-gcov
cd ~/


 verify the compiler is properly installed.

arm-linux-gnueabihf-gcc --version

arm-linux-gnueabihf-gcc (Debian 4.7.2-5) 4.7.2
Copyright (C) 2012 Free Software Foundation, Inc.
This is free software; see the source for copying conditions.  There is NO
warranty; not even for MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.