Yes, it is indeed possible, but not simple, nor free.
The kit comes with the Fiery updates, the OS update (Win 7) and some hardware boards.
Kit is 497N02374
I have a Xerox Color 550 driven by a Fiery EX560 running Windows XP x64 Professional.
1. Is it possible to run a newer operating system and newer version of CWS on the EX560?
2. Is it possible to replace the EX560 with a newer Fiery box runnning a newer operating system and newer version of CWS?
I realize it might not be cost-ffective to do either of these two things, but I want to know if they are possible.