How to perform a iphone 4 update?

I just bought a iPhone 4 from ebay. The phone got delivered a week back. This is my first iPhone and I am not familiar with it right now. A week back I read somewhere that there were some updates out for iPhone 4. So, I thought I would like to get one. I checked their website and did not find what is to be done. So, how do we do a iphone 4 update? Please tell me the download and installation procedure in a very general way? Thanks in advance.

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