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Will I be able to upgrade my 4S to 5 when IOS 6 is released this fall or should I wait for the new iPhone 5 when released?
What do you mean upgrade your 4S to five?
Yes, you can buy a new iPhone provided there's a new iPhone (nobody knows if there's one)
Yes, you can update the IOS 5.x to IOS 6.
I want to buy an iPhone and was curious if I buy a 4S (IOS 5) now can it be upgraded to the iPhone 5 (IOS 6) when released in Fall or will I have to buy an actual iPhone 5?
If a new phone is released in the fall, you will have to purchase it. No software upgrade will change hardware.
Don't know if there's a iPhone 5 or whatever. Nothing has been announce yet.
No, there's no swapping/upgrading to a new iPhone, you have to sell yours and buy a new one if any.
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