Can I Upgrade My Friend's iPhone on MY iTunes?

in iPhone edited January 2014
I borrowed my friend's iPhone for the weekend. I have a clean install of iTunes 7.7 installed with no iPods ever set up on it.

Can I plug in the iPhone, upgrade it to 2.0, then purchase apps on it, without messing it up?

I'm just not sure what will happen if it's connected to my iTunes.
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