Do I need to install the Boot Camp update in Mac OS X and Windows 7?
Solution 1:
I found a thread related to Display Drivers in Windows that stops the 3.2 and 3.3 Updates from installing correctly.
The core point is that if there are other display drivers showing in device manager other than the default display adapter (users reported issues and resolution after removing VNC or LogMeIn Mirror display adapters).
The original discussion is here Bootcamp 3.3 fails to install
Solution 2:
I would update them both and I don't think you need to do one before the other. I have not had any problems updating one before the other and I manage large networks of Macs.