for me if it is connected to the internet or the wireless is switched on, you should at least be thinking about it
I am pleased to read that, please post how you get on, even any difficulties you experience can be useful to others.
Updating the kernel can be as easy as copying the new one and it's modules into place, the issue is where you get the kernel from.
Unless you have specific requirements, copying the uImage and modules from a recent New IT image is the quickest route.
The link posted by PacoLM is also a useful 'plug friendly' method.
The only way to get a newer kernel than that is to build your own.