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Updating the iTunes software will not affect your existing iTunes account or music library.
New iTunes software can be installed to update the previous version. Only the iTunes software is updated the iTunes library with your music/videos etc. is not affected by the update.
No. Your iTunes Store balance will remain on your account, but you should update the email address associated with your iTunes account to keep your info up-to-date.
You can't update iTunes, the only way you can do it is to uninstall it than re-install it.
The short answer is no. There is no current way to manually update itunes. If the automatic update isn't working, uninstall itunes, and download the newest version off of the website.
Update the software in iTunes and it will do it for you.
An Itunes account is free
iTunes 9 requires QuickTime 7.6 or later. If you are running an earlier version of QuickTime you will need to update it. The iTunes installing process should let you know if you need an update but will not do it automatically.
Plug it into your computer and iTunes will open automatically. If you don't have iTunes download it from apple.com. When iTunes opens you will see under devices your iPhone name will be there. Click that and then press check for update. If there is an update available, download it.
iTunes
Sync it to iTunes.
You have to update via iTunes on computer