Installing Updated Arduino software

Hi Folk
Please be kind with this question but over several years I have occasion to use Arduino and hope to use it more in some of my experiments.

When I install the latest Arduino software (1.0.5) I find I still have directories for 1.0.3, 1.0.1 etc. Plus I have used several additional Arduino shields and have their libraries scattered over the different IDE versions.

Can someone suggest to me the best way to organise things so

a) When I do a new update I can keep all of my collected libraries intact.
b) Likewise my projects

Many many thanks
Dave

Under File:Preferences, there is a path. Under that path make a /libraries folder, and put your local libraries there. Your sketches should end up there also.