You should do the check and the parsing in one go, using split, parseInt and the Date constructor :
function toDate(s) {
var t = s.split('/');
try {
if (t.length!=3) return null;
var d = parseInt(t[1],10);
var m = parseInt(t[0],10);
var y = parseInt(t[2],10);
if (d>0 && d<32 && m>0 && m<13) return new Date(y, m-1, d);
} catch (e){}
}
var date = toDate(somestring);
if (date) // ok
else // not ok
DEMONSTRATION :
01/22/2012 ==> Sun Jan 22 2012 00:00:00 GMT+0100 (CET)
07/5/1972 ==> Wed Jul 05 1972 00:00:00 GMT+0100 (CEST)
999/99/1972 ==> invalid
As other answers of this page, this wouldn't choke for 31 in February. That's why for all serious purposes you should instead use a library like Datejs.