Updating application with a mounted RAM disk

You can install the new version over the existing one and reboot (or reboot later, as convenient). It's really that simple.

Two reboots are required because the first reboot will replace the driver's SYS files, which are otherwise locked by Windows. The second reboot will load the updated files. This is only required when upgrading. A fresh installation will work without a restart.

This depends on which version you're updating from and whether the driver has changed between versions.

If something doesn't work correctly after the update, a second reboot should resolve it. Rebooting from the login screen should suffice.