I installed MyEclispse 5.1.1 GA in Apr this year. Now, the version is 6.0.1 GA, may I know what steps shall I follow to upgrade my old version to the new version?
Since the base Eclipse version has changed to 3.3.x, you cannot update directly from 5.1.1 GA to 6.0.1 GA. If your OS is windows, you can download the MyEclipse 6.0.1 GA All in One installer which has MyEclipse, Eclipse and JRE preintegrated and optimized to run together.
My computer has around 1GB RAM, can the new version of MyEclipse run smoothly in 1GB environment? Also, I am using Java 1.5 JRE, need to upgrade Java as well?
No need to upgrade JAVA.
Finally, any extra money required for this upgrade?
Your MyEclipse 5.1.1 GA cd key will be valid for MyEclipse 6.0.1 GA as well. No extra money is required for this upgrade.