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5. Can I Upgrade "Rare" items?
Yes many "Rare" items, meaning an item that is no longer obtainable can be Upgraded to a higher existing tier. This includes(but not restricted to) many Seasonal, Token, Golden Gift Box & more recent Frostval Gift Box items. A full list of items and their cost per Upgrade can be found at: http://www.battleon.com/info/aq-upgradelist.asp (Only shows lvl 50+ on the list)

How do I Upgrade my items?
Instructions:
Log out of AdventureQuest if you are playing in any browsers
Go here: http://www.battleon.com/account.asp
Login to the account site
Click the Character List link on the menu
Click the "Upgrades" link next to one of your Guardian characters.
If you have any items that are level-upgradable, you will see a gold arrow to click.
Clicking the arrow buys the upgrade!

What does the cost shown actually mean?
For gold items the cost to Upgrade an item is: The price of the new item in game minus the sellback of the item you currently own.
(new item price - old item sellback)
For token items the cost to Upgrade an item is: The price of the new item in game minus the price you paid for the current item you own.
(new item price - old item price)