02-01-2016
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Do you mean upgrading from RHEL 6.3 to 6.5 (or better, to latest)?
I'm going to guess that OL is Oracle Linux... correct?
Of course Oracle Linux is different from Red Hat, though they try to maintain compatibility. I wouldn't think it's a problem to upgrade. Generally speaking (especially if there is no support) you should try to upgrade to the latest on version 6 (does look like 6.5 is the latest for Oracle Linux).
If you have doubts about what it might do, again, relatively safe, you might want to check with Oracle support. Generallly speaking (Red Hat, CentOS) updates on the major branch are pretty safe and you can control upgrades to the kernel and bouncing of services... this is "normal" and does not require a "building up from scratch" in fact keeping your 6.x RHEL/CentOS (and presumably Oracle Linux) based system up to date is the best way to get all the security fixes for the system.
I'll keep quiet on this and see if an Oracle Linux user can confirm...