Hi Rama,
1.4 & 6... an update is simply a patch for the current version (support pack level), SPS means Support Pack Stack which is simply a recollection of support packages that are compatible with each other.
2,3 & 5... an upgrade is to change the version (release), from 7.31 to 7.40 for example, enhancement packages are release upgrades.
Hope it makes sense
Regards, JP
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