Installing updates in Windows PE is the same as adding components and you use the same command (Peimg) to do this. For example, to install an update named Update.cab into your Windows PE build environment, first import it like this:
Peimg /import=update.cab c:\winpe_x86\base
Next, find the full name of the update by listing all the components in the component store like this:
Peimg /list c:\winpe_x86\base
This might say for example that your update is named "Fix For Foo" which means you can now install the update like this:
Peimg /install="Fix For Foo" c:\winpe_x86\base
For more information on deploying Vista, see my series of articles titled Deploying Vista on WindowsNetworking.com, and see also Part 2: Deployment in the Windows Vista Resource Kit, Second Edition from Microsoft Press.