When I downloaded the forum (7.01) there was some documentation on how to proceed. A readme file and detailed html installation instructions, including one's for upgrades.
It's probably best to lock all of the forums before you proceed so no one will be using it during the upgrade process. The users will see a "Down for Maintenence" message.
edit___
Also. Please backup your forum. Skins, db, templates if any, and new images if any. If you have ftp this will be easier. Just download everything into folder at home. That way if something does go wrong, you'll have a choice of restoring the old forum or uploading the new forum fresh. Then you can simply use it with the old db. And you can reapply any skins/mods you have. Believe me it's a lot safer this way.
Edited by Ghostnet