Could you please suggest how should I go with the upgrades?
Use the interactive installer, take look: Upgrading to VMware ESXi 5.5 using the Interactive Installer | VMware Support Insider - VMware Blogs
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Re: How to upgrade ESX4.0/ESX4.1/ESXi4.0/ESXi4.1 to ESXi5.1/ESXi5.5 versions
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