I am using Flex Builder with Flex SDK 3.2. It has Air 1.0. Now since Air 2 has a whole lot of features that I want to use / study, can I update the AIR version of my Flex Builder so I can build air applications that utilize the new features? I have the 3.5 and 4.0 SKDs with me.
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The following tech note from Adobe, http://kb2.adobe.com/cps/495/cpsid_49532.html, will help you overlay any desired version of Adobe AIR SDK on a given Flex SDK. HTH.