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For the 4.1 upgrade see:
http://paulgrevink.wordpress.com/2011/02/13/installing-esxi-4-1-update-1-with-the-vihostupdate-utili...
The ESXi 5 is not yet avaible.
Probably on August.
And also NOTE you may be limited with the free version and the new vRAM restriction (only 8 GB of vRAM in the free edition).