Here are the instructions to install the update version of the theme on a live website.

1) Make backup of your database and files. (its just for a precaution, if you dont want to do it manually , there are plugins for it.)
2) Move your active widgets to inactive widgets area.
3) Upload all files overwriting your old files. (I assume you have not made any changes in php files or style files of the theme).
4) Click on the Crispypoker theme options page link. (it executes the updated function file you just uploaded).
5) Move widgets back to sidebars.
6) Go to Appearance -> Menu and make sure correct menu are assigned to menu locations.(It should be alright already though).

Note: Your theme option page settings will remain same as they are saved in the database.

Important : You should use child theme if you want to make any changes in css or other files. This way , updates are always easy in future.

If you encounter any problem , please let me know.