BEST PRACTICES
1. Take Complete SharePoint Farm Backup from the central admin and verify it can be restored. Also, it is good idea to take a SQL Level Backup of the databases and verify they can be restored.
2. Take backup of the customization on the SharePoint Sites. Also, make sure that you are aware of how to restore the customization scenario. Customization includes but is not limited to custom webparts or tools, custom features, solutions, master pages, page layouts, CSS files etc...
3. Download the August 2010 CU for WSS 3.0 and MOSS 2007. You must install BOTH the WSS and MOSS updates.
4. Stop the World Wide Web Publishing Services to keep your users off the servers.
a. Start > Administrative Tools > Services
b. Scroll to the bottom of the list, click World Wide Web Publishing Service
c. Click the Stop button
5. Install the WSS update.
6. Run SharePoint Configuration Wizard. Make sure it is successful.
7. Install the MOSS update.
8. Run SharePoint Configuration Wizard. Make sure it is successful.
9. Check out Central Admin
a. Restart the World Wide Web Publishing service you stopped in step 2. If you had to reboot this is not necessary.
b. Click Operations tab
c. Under Topologies and Services click Servers in farm
d. Next to your server confirm that the Version shows SharePoint August 2010 CU (12.0.6545.5001).
10. Check that you are able to browse to your sites.
NOTE:
You should install update on all the SharePoint Servers in the Farm. Starting with the Central Admin Server and then run the configuration wizard one server at a time.
For additional details I would suggest you to go through the Deploy software updates for Office SharePoint Server 2007 link
http://technet.microsoft.com/en-us/library/cc263467(office.12).aspx
POSSIBLE RISKS
I have mentioned below possible risks that are involved with any SharePoint update.
1. In the worst case scenario if the update installation fails and there is no way to recover then you should have an idea about how to restore your environment. For this you need to follow best practices mentioned above.
2. If any of your customization does not work post deployment of the update then you need to be able to redeploy it after installation of the update.
NOTE:
To identify the risks involved you need to apply the update in your test environment(replica of existing environment) and check if there are any issues post update.
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