2.08 Simple Upgrade - How To Do It?

I want to install 2.08 as say site.com/newstore and get it ready then drop the new and make my current store /old store.

I have installed my current cart myself so I am ok with setting up 2.08

Unless there is something about permissions etc that I need to know that is 2.08 specific.

My real question is what is the easiest way to export/import my version 1.5 sp4 version?

Simply backup my current database after converting my images from file to database and then how do I export to 2.08? Is there a script for this yet?

Or do I have to export to 2.07 first or?