Currntly I am running 126.96.36.1995 and was looking to upgrade to the latest version.
A few questions before I do.
1 Do I need to?
2 What are the bennifits of doing so?
3 Can I, and should I?
4 If all is yes, then how?
Well it's like any BIOS/driver, if everything is running well you don't need to change anything. New versions come with feature enhancements and bug fixed, which should be documented in the release notes.
Do you mean the GUI/driver or the BIOS OROM? If you're talking about GUI/driver, then you just need to download and install the laltest version: http://downloadcenter.intel.com/Product_Filter.aspx?ProductID=2101&lang=eng&FamilyId=40 . If you mean BIOS OROM it's normally embedded in the BIOS. Check with your board manufacturer and see if a BIOS updated is available.