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That doesn't really make sense. The updates ARE the new version. minor releases are merely re-baselines of all the updates at a specific time. Rhel 5.4 doesn't get any more updates as soon as 5.5 is out, as it's the same packages.
Unless RHEL has changed its policy, it is possible to stay with one version (say 5.4) and continue to get updates. Centos on the other hand only supports the most current release of each version (for Centos 5 only 5.5 is currently supported). RH used to set things up(by default) so that one stayed on the release that you intially installed and you had to do something special(but easy) to make the jump to the next version. Once again this is a question best directly asked to RH as that is what your(required) subscription is paying for.