You should not guess what it is you are going to do and actually READ the upgrade documentation!!!! You will installing this in a NEW ORACLE_HOME. (both grid and rdbms directories). Then follow the upgrade instructions.
ASM Upgrade Method:
================== We can use DBUA, it is one of the best method to upgrade.
1. First check how many database instances are using ASM as storage option.
2. Shutdown all the database instances
3. First Oracle CSS needs to upgrade.
a. Connect as root and execute
Note : ORACLE_HOME is your new ASM home.
Note : Install the new 11g ASM Oracle Home (on a different directory)
4. Startup the ASM Instance - - > Connect as Oracle OS user
5. Take Another Graphical session set all the enviroment variables
- - > This will point to New Oracle ASM Home
6. Execute DBUA
7. DBUA will display two options :
a. Upgrade Database
b. Upgrade ASM
8. Select "Upgrade ASM" - > It will update automatically.
9. Startup the databases that are using ASM as storage option.
Note : Databases will not be affected with the ASM upgrade, the databases will remain in the original release.