When you install fixes using update manager, it brings you the steps you need to follow if there is any. The most important steps are written in red color. I usually create a fix image on my local or development server and I read it when creating and copying the image. Keep in your mind that the fixes are cumulative, hence you need to read all the way through to the version you had before installing the fixes. It is not recommended to install fixes selectively and it is recommended to install to the latest version available.
FYI 10.7 will be out of support very soon.