Offhand, I think I would mount the iso locally, something like...
Code:
mkfir /mnt/mdviso
mount -o loop path/to/mandrake-9.2.iso /mnt/mdviso
Then use urpmi with necessary options to install or update selected packages from the iso.
I used to use urpmi (loved Mandrake!) but it has bee too long to remember, so see man urpmi.
I would NOT try a system-wide update. If you need to bring everything up to the iso version at once, I would backup my /home and /etc directories (probably others), burn the ISO to CD/DVD then reinstall from the disc. After install DO NOT simply copy the /etc back over the new one, but use it for a reference to configure the new install.