Can I upgrade my phone from Android 2.3 to 4.4 or 5.0?

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can i upgrade my phone from android 2.3 to 4.4 or 5.0

i know its very hard and complicated..i have sony ericson xperia ray STi8 phone of android 2.3..i really want 4.4 or 5.0 on my phone...is it really possible..please help me..i want it very badly
thanks in advance