I have lion 10.7.5 installed if i update to 10.8 will it delete everything on my macbook?

i have lion 10.7.5 installed if i update to 10.8 will it delete everything on my macbook? i would buy it in the aple store but i have some stuff on my laptop i wish wouldnt be lost so would it delete anything or would it stay the same?

If you buy the Mt. Lion installer at the AppStore it will just upgrade the system on top of your current system and not erase your documents and other files.
But nevertheless, as with any major upgrade, make sure you have a current backup of your mac, before you upgrade.  And be aware, that the upgrade is quite large - several GB. So you need to be on a reliable network with a fast and stable internet connection.
Upgrade all applications to the latest versions, while you are still running Lion.
Have you checked, if all applications you need are compatible with Mt. Lion?
  See App Compatibility Table - RoaringApps.

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