If you don't know what it is, deny it (but only once). If your program starts acting funny, won't load etc., load the Little Snitch Configuration and remove everything associated for the program.
Here's an example
. When your program attempts to connect to the [internet] again, it will ask if you wish to deny allow etc.

EDIT: And See EYETV3? Here I'll show you what I meant by updates only.
It should say "allow any connection", but I have only 1 license and two macs, so I installed it on this mac and only allowed it to access the update server - to update the program. I'm going to remove ETV3 off the other mac at some point.
Here's an example

EDIT: And See EYETV3? Here I'll show you what I meant by updates only.
It should say "allow any connection", but I have only 1 license and two macs, so I installed it on this mac and only allowed it to access the update server - to update the program. I'm going to remove ETV3 off the other mac at some point.