To Update Openerp

Stop the OpenERP server as well as Web Server.

sudo /etc/init.d/openerp stop

Download the latest version from here

move it to

/somewhere/on/your/server

move to the above

cd /somewhere/on/your/server

Install the deb package:

sudo dpkg -i openerp_7.0-latest_all.deb

Reboot

sudo reboot

+Daniel Reis (http://help.openerp.com/users/52/11426/) has done a wonderful thing [here]:(https://github.com/dreispt/oetor) making it easy to install a selected version of OpenERP. You can run several different versions of OpenERP on the same machine concurrently. And updating your version is as simple as "make pull".