How can i add an already existing iphone to a different itunes account without changing anything on the actual phone...just updating it?

I have an iphone synced to my iTunes account.  But I need to add another used/existing iphone to my account to update it.  I do not want to sync my emails/contacts/apps, etc. from my computer/iTunes to this new iPhone.  This 2nd iPhone already has existing apps and is in use.
Is there any way that I can do this without changing anything on the existing iPhone?  All I need to do is update it to the iOS 5.0.1. 
Thanks!

Thanks so much for the response!  You have been helpful and quick! 
It wasn't my phone, hence the reason we didn't want to share/take each other's content (apps, contacts, music, photos, etc.).  But the owner's phone hadn't been able to update because of a computer crash/no access to a stable computer.  So, I just wasn't sure if we could do an update without sharing content. 
But you most definitely answered my question!  So, thank you!

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