you can get applications like Flyout (?) that will let you add almost anything to the lock screen. otherwise, it will have a notification icon in the bar at the top of the screen telling you there is something from that particular app waiting for you.
updates will probably be OTA, or in store. you could probably download them from verizon's website similar to how they setup the BB updates. but this is all speculation.
however, the storm can be updated to a new point release OTA, but a version change (4.7.53 - 4.7.100 OTA | 4.7.100 - 5.0 download/in store) is generally not done because of the size of the update
i'm going to assume that android can be done in the same way