How to stop an iPhone app update?

I was looking through my updates today and found an update for GTA3. I thought "Why not?" and pressed update. A message popped up saying that I didn't have enough space on my iPhone to update, so I hit OK. Instead of not updating at all, the app is now stuck in pause mode. Whenever I pressed on it, it would display the same message about having not enough space, and would go into pause mode again. Is there anything I can do about this?

Just restart your phone by holding the power button and sliding the red bar that pops up. After you restart it the problem should be fixed.