Drupal includes the jQuery library in each page that uses JavaScript. The only way to use a more recent version of jQuery than the one Drupal comes with is to install jQuery Update, which provides also a script for compatibility with scripts using an older version of the library.
If you are going to simply replace the jQuery library contained in /misc, then Drupal scripts will stop to work (I tried doing that, and that was the result).
Loading a more recent version after Drupal loaded the library in /misc will also cause problems.
To complete the information, there was a module that came with its own version of the jQuery library that was then binded to $ui
; in that way, other code would still use the default jQuery library, while your module / theme would use the more recent library.
The module simply loaded its own version of jQuery, and then executed the following JavaScript line:
window.$ui = jQuery.noConflict(true);
Using the same approach you would be able to load the latest version of jQuery without creating any conflict with existing modules.
This system doesn't work if you are using a module developed from somebody else, and that uses Javascript code that uses $
; it works for your custom module / theme you run on your site, though.