Skuba:
Updates can be applied to BIG-IP VE with a package known as a hotfix.
Since the VE disk is pre-created and designed to be as svelte as possible, the base version iso image is left out. The trade off for having a lighter weight deployment is that updates have an extra task of importing an iso image onto the VE before the hotfix can be applied.
Here's the BIG-IP 10.x hotfix solution guide:
http://support.f5.com/kb/en-us/solutions/public/10000/000/sol10025.html
Here's a Solution Guide on the topic of importing a base version iso image before installing a Hotfix:
http://support.f5.com/kb/en-us/solutions/public/12000/100/sol12126.html?sr=10870313