i have n73 s60 3 rd platform initial release os .can i update my phone to latest...

No, you cannot do that. When Nokia takes a new version of the S60 platform into use they use it (and build it) only for upcoming phones, the ones already in the marked are at best maintained by providing patches and fixes to their existing software base.

Want new software? Buy a new phone ...
 
No, you can't change the operating system. Nokia locked the Symbian S60 3rd edition OS in hidden Z: drive. If everyone can change the OS in their phone, no one will buy new nokia phone again. Example, if Nokia N82 can be upgraded to FP2, I'm sure very few people will buy the Nokia N78.
 
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