Yes, you can install the new version of the software without any problem, but I suggest you uninstall the previous one first:
If you use Windows XP or below navigate to Start > Control Panel > Add or Remove Programs. In the Currently installed programs box, click on the Internet Bilo Gdje program and then click Remove.
If you have Windows Vista or above you need to go to Start > Control Panel > Programs > Programs and Features. Select the Internet Bilo Gdje application and click on Uninstall.
If you don't have the installation package of the new version, you need to contact the developer because the software is not available for public downloading.