As of R2 2012 SP1, Test Studio can check for updates automatically, as well as download and install them in one dialog. To download and install Test Studio or Test Studio updates manually:
Navigate to Telerik.com and login to your Telerik account.
To download the latest version of Test Studio, including Service Packs and Latest Internal Builds, open the Manage products menu and select Test Studio.
To go straight to Latest internal builds, select that option instead.
From the Test Studio product page, click the Download link.
Select the official release or latest internal build. Download the installer and execute the file to install that version or upgrade an existing Test Studio installation the newer version.