For the benefit of those users (like myself) who do not like command lines, or for those who are not familiar with it, VirtualBox has a way of installing the Extension Pack from the GUI (Graphical User Interface).
Download (if you haven't)
Oracle VM VirtualBox Extension Pack.
Download the same version as your VirtualBox software.
http://www.virtualbox.org/wiki/Downloads
1. Open Oracle VM VirtualBox.
2. Click on File --> Preferences...
3. In the VirtualBox - Settings window, click on Extensions (left side of window).
4. Click on the Add Package button (right side of window) and browse your computer to find the VirtualBox Extension Pack that you downloaded.
5. Follow instructions to install the Extension. After you install the Extension, it will appear in the Extensions window. You can click OK when the Extension finishes installing.
In step #4, you can also Drag'n'Drop the extension into the window.