It depends on how are you going to upgrade it. If you are doing it by kernel rpm which is provided by the same vendor as linux, then you can simply install it using rpm -ivh kernel-rpm-name.rpm
It will install and do the entry in grub.conf file. just verify after installation and reboot the system with newer one and test.
If you are going to upgrade kernel from kernel source code and compilation, basic concept remain same as above but need to take cared for kernel compilation process. This link might be use of you.
http://linux.about.com/od/linux101/l/blnewbie_atoc.htm
Regards,
Rajveer Singh
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