If I upgrade current Intel Graphics stack which comes with Intel media sdk to 2014Q3 which is latest, will media sdk work properly?
Intel Media SDK needs the modifications to libdrm and libva in the versions packaged with the product. Different versions have caused problems in the past so using any version other than what is shipped with Media SDK is not recommended. We are working on ways to make managing the graphics stack easier (i.e. better integration with existing package management systems) in the next release.