Basically I think it's already supported: Open a media, make change => New version is created!
See more: http://webhelp.episerver.com/CMS/7.1/EN/Default.htm#VersionManagement/IN_FileVersionManagement.htm
Seem that this link is answer for your question when upload file: http://world.episerver.com/Modules/Forum/Pages/Thread.aspx?id=85120&epslanguage=en
"We released a new feature in EPiServer.CMS.UI.Core 7.7.0 (http://world.episerver.com/Support/Bug-list-beta/bug/113013/) that made it possible to configure if media that is uploaded should be auto published (standard behaviour), if you untick that feature uploaded media will in draft.
You can find this new settings under Admin\System Settings\Editing"
// Ha Bui
I am unable to locate any documentation on if this is supported. I have a couple customers email asking if you can version files like you could with the previous VPP. Thanks in advance.