I'm just really confused on how to upgrade... I am new to Magento and it seems pretty unorganized to a brand new user. All I need to know is how I can upgrade in like 1 or 2 steps through Magento connect or something. Please help.
NOTE: I always recommend to perform multi backups for database and customized files before upgrading Magento.
-First, you should have a deeper knowledge about Magento upgrade: http://devdocs.magento.com/guides/m1x/install/installing_upgrade_details.html
-Second, for your situation, you can simply upgrade your Magento by using the Magento Connect Manager:
System > Magento Connect > Magento Connect Manager > Log in by admin permission.
Find and press the button Check for Upgrades
Then you will see packages name which are need to upgrade:
Can you help me out with manual update of Community Edition 126.96.36.199, as it explicitly says cannot be update via the Magento Connect Manager.
In this case you'll need to do it manually (ask for help if you don't have technical skills and don't do it directly on LIVE store)
Manually means that you need to copy the new 188.8.131.52 code over the current code of your store and then validate that you copied all frontend files modifications to your theme.
I hope you don't have any core file modified (you will lose those modification in that case).
Using a VCS (like Git) will help you to try the process and check which files were modified.
Thanks for the information. I am looking for someone to help me with it, as my dev is no longer able to keep his words at maintaining the website.
Hi @chanakyashah please see the topic that is "floating on top"
Here you will find a guide on how to update via FTP