It is not possible to directly upgrade Hyper-V Server. If you insert the DVD for a later version of Hyper-V Server and run setup.exe from the command line then you are eventually told that it is not possible to do this and the only way to upgrade is to install a new copy of the operating system. This installation will remove all your virtual machines from the console - so its not really an upgrade, but if you need to upgrade in place then the steps are outlines below. Recommended: To upgrade is not recommended. It is better to move the virtual machines to a new host that is running the version of Hyper-V Server that you want to use. Then when all the guest machines have been moved, then and only then reinstall the first machine.
If you need to upgrade the server the recommended process is to:
Once you know where everything
Now that you have a newly install Hyper-V Server, its time to restore the configuration:
BrianReid-MCSM edited Original. Comment: full instructions added