My current version of ruby is ruby 1.9.2p0 (2010-08-18 revision 29036) [x86_64-darwin10.5.0]
but I want to update it to the latest patch level using rvm. How can I
You can install any patch level by following the page in their wiki.
Also, each ruby is independent, so you aren't really 'upgrading and keeping the gems' but installing a new patch version and then installing the gems in that new ruby environment.
This may be were gemsets come into play, however I don't use them.
Do not forget to update your rvm too, just in case it's been awhile.