Virtuozzo includes a utility to update itself and the included templates. To run this, you will need to ssh into the hardware node and execute the command:
vzup2date
In order to update the templates, add a -t to the command thusly:
vzup2date -t
It should be noted that if Virtuozzo is installed on the server, the standard Redhat up2date command should never be run.
If you are running Virtuozzo on a Windows server, then you can run the Virtuozzo update utility accessed through the Start menu.