The SuSE 9.2 Update is nothing else but a 'normal' 9.2 Professional. It's simply cheaper and contains less documentation (this was the case with all previous update versions, I don't know if this has changed with 9.2, but I don't think so). However, if you have downloaded the 9.1 Personal-ISO, you will not be entitled to receive the cheaper Update version. You'll need to be a registered user, I guess.
Sure it is possible to update. Once you have an installation source of 9.2, you may use the 'System Update' function of Yast without partitioning or formating. But that depends on your choice.
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