MyBB Community Forums

My site has been compromised - anywhere I clock on the main page takes me to a Malware site. The links start like this

http://www.hibids10.com/sound?cver=1&refer=http

Can someone tell me what is the easiest way to upgrade? 

Can I install the new version of myBB into another folder, make a copy of the current database, run update scripts and point the new version to this updated database?

See here. This will cover most if not all the things you will need to do.