Follow the exact same installation procedure to upgrade to the latest version of the software as to install a new copy. The only odd thing that will happen is that the "Start" menu option for the old version of the software will still exist, along side the menu option for the new version. Don't worry - if you try the old menu option, you'll find that it just runs the new program. You can use either one, or delete the old one.
If you are using Windows NT, 2000 or XP, log in as Administrator (or someone in the Administrators group) before installing the software. You don't have to be logged in this way to run the software after installing it, but you will need to use a login with sufficient file access permissions to read the files you want to back up.
If you encounter an error while running the setup program, the first thing to check is that the download completed successfully. A failure to download the entire file will result in cryptic error messages giving only a number, like "error 2" or "error 7". The download file for version 4.0.62 is exactly 2,722,719 bytes in length. Later versions will probably be somewhat larger. If the file you downloaded is smaller than this (unless it is an earlier version) then you do not have the whole file. This can happen for several reasons, generally having to do with restrictions imposed on file downloads by your internet service provider, or a one-time problem with your internet connection. Try the download again, and if the file still isn't the right size contact your internet service provider for an explanation. It may also help to disable any virus checking software while you download and install the backup software.