No there is no update feature in slack, and even it's package manager is limited, so just learn to love compiling from source.
Of cource this can be a pain, so there are a couple of projects such as autoslack, pkgtool2, autopkg that try to solve these problems, theres slackware current to get bleeding edge software, and there's always wonderful linuxpackages.net.
However i have a slow line, so i keep all my smaller programs up to date, but i have to buy every slack release and re-install it because i can't download it. This has it's good sides too, at least i support slackware by buying it directly from their site, but re-installing everything and configuring it again is a pain and it can take a couple of days....
HTH
-NSKL
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