How to update my jailbroken iPhone 3gs (4.2.1)?

Can I do that without any risks? How?

There's no risk!
First: download firmware of latest version:
http://appldnld.apple.com/...4r/iPhone2, 1_6.1.2_10B146_Restore.ipsw
then connect your iphone to pc and take it to recovery made:
1.press home and sleep buttons simultaneusly for 10 seconds after then release sleep button continue pressing home button
then goto itunes press shift+restore
select ipsw file and update
then goto http://evasi0n.com/ and download the file to jailbreak!
finished

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