I have had numerous problems with my knee and that was one of the diagnosis, from what I gather its a very loose term. I still have the odd twinge and can have the knee give out if I twist it slightly or put weight on it and its not in the correct position. Upper leg exercise, glucosamine and very carefull running has seen me complete a half. My time wasnt great but I did the distance and can now do 11k with ease (well not quite with ease but thats not down to the knee). If you do have that be very carefull, you may never get back to your full potential but if you try you can do some very serious damage depending whats gone on inside the knee joint. Take things easy, dont always rely on a brace as that can weaken some of the muscles but use one if you have trouble putting weight on the leg or going up and down stairs. I use this one if things get bad.
http://www.muellersportsmed.com/hing...dkneebrace.htm
I then move onto a neoprene brace to start the running again when things calm down. When i feel ready i go without so i dont become reliant on it. Only you will know how things are going but dont push too hard. GOOD LUCK.