Options are documented in the Upgrade Guide... Just scroll past where it's talking about vCenter Server to the point where it talks about upgrading ESX/ESXi hosts...
VMware VCP4
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I would like to say that esxupdate is the more common way to do the upgrade though in a standalone scenario. You can also check out this KB: http://kb.vmware.com/kb/1022140
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There are several options to upgrade. Please take a look at http://kb.vmware.com/kb/1022140
André
