Old dormant iTunes account keeps overriding new iTunes account. Need to tidy it up :)

Hey Guys,
My first post here.
Basically i had my first itunes account with alot of purchases on it. got a new email and set up a new account, so since then i use account 2, and havent even logged on to account 1 in a couple of years, since then i have upgraded and now have an ipad and iphone..
after updating to ios5 today whenever i try to update or purchase apps it comes up with my apple id for account no1.
Am i able to delete this account? if so how? and will the original purchases from account 1 still be authorised to play on account 2 or am i going to loose them??
I have tried to research this but not found much on this specific problem.
Any help would be much appreciated
Cheers

You cannot and should not delete it.
All purchases made from the old account will always be tied to that account.  You will always have to update teh apps from that account and you will have to authorize your computer for that account.
Why did you start a new account?  Why not just change the e-mail address associated with the old account?

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