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As always.."it depends"....you need to read the release notes for 188.8.131.52 to make sure you dont have any custom code that may adversely be impacted. If not, then its a failry simple process. I also think your achitecture matter...single node versus cluster. Read the guide and if you have a single node environment with low risk to any existing code (based on release notes and guides)..then its a a fairly straightforward running of opatch scripts which should not take long. Of course, dont forget to regression test.
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OBIEE 11g upgrade from one version to another version is a straight forward process.
you have to apply the patch and it will go thru instructions. If everything works fine then it will be couple of hours tasks.