Periodically, Adobe updates Adobe AIR with new features or fixes to minor problems.The Automatic Notification and Update feature allows Adobe to automatically notify you when an updated version of Adobe AIR is available so that you can install it right away.By default, when an AIR application is launched, the runtime checks if an update is available.It performs this check if it has been more than two weeks since the last update check.
Adobe recommends that users update to the latest version of Adobe AIR whenever a new version is available, especially when a security update is mentioned.
Once the runtime update is successfully downloaded, AIR will prompt the end user to install the update "Now" or "Later".
The Automatic Notification and Update feature allows Adobe to automatically notify users when an updated version of Adobe AIR is available.
Edit It would appear that the link in the original answer is broken, so I have edited this answer to provide a current, working link to a tutorial for Sorry, I miss-understood you :) The answer is Yes! find a way to check inside the ap if a new update is available for your application. Download the new applications version (ex app_V1.1.air) Step 3.
With the release of Adobe AIR SDK 2 developers have the ability to package their applications into native installer files.