Will this run on Windows 10? If so how does one update it?
No, the application won't run on Windows 10 because it's old and didn't receive any new updates to this date. You will need another application if you want to run it on Windows 10. Luckily, there are plenty of these on the Broderbund website.
You can try PrintMaster v7 Platinum as an alternative to PrintMaster Gold Delux 3.0. Use the following link to access the product's page: http://www.broderbund.com/p-860-printmaster-v7-platinum.aspx