Yes. A lot of people say that a clean install is best but I have done upgrades from 7201 to 7229 and now to 7232.
They have all gone fine apart from my mouse driver.
I have a Roccat Kone mouse and I really like it but I don't think MS have heard of this firm yet.
Consequently each time I've had to plug in my old MS mouse and use it to reinstall the Kone driver.
Apart from that everything, all my apps, wallpaper etc have remained the same.
That's probably the reason it's hard for me to tell the difference between the recent builds.
An upgrade install takes longer than a clean install, about 70 minutes in my case, but it's easy.
Just put in the cd iso you have burnt and install from autoplay. There will be a few shutdowns but just leave it to do its thing and there you are.
Hope this helps, John