Yes, you can. When you install the new version, it detects the older version and asks you if you wish to upgrade. Just reply in the affirmative, and it will do the job for you effortlessly.
Of course, it doesn't mean the software upgrade will solve all your life's problems, but that's another story. :D
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Now the darkness only stays the night-time, in the morning it will fade away. -- George Harrison (All Things Must Pass)