Sridhar,
Go to freescale.com and navigate to page
Freescale->CodeWarrior Development Tools->CodeWarrior Downloads->CodeWarrior for Microcontrollers v10.1
Download and install "MCU v10.1 Compiler Update for Windows. Prerequisite for MQX v3.7"
From the same page you can download document "Update Procedure" which will guide you through update process.