Samsung galaxy y cannot be updated it will only update till
android version 2.3.6. But yes you can download different rom's for your device. There are many rom's devloped by the developers..! Based on different android versions..
I reccomend you to install jellyblast rom v3. It is based on jellybean. Android version-4.1.1. Please click thanks! If you want more information you can pm me.