Versions--Firefox versus Firefox Portable

I know that it's easy to check to see which version of Firefox I'm running (Help>About Mozilla Firefox). How/where do I check to see which version of the Portable that I'm using? Or is this actually one and the same?

Am I correct in that when I install the FFP, it installs the Firefox application itself and a Portable version/extension/whatever?

I read that it's okay to let Firefox automatically update itself. Which is what I'll do to move from version 1.5.0.6 to 1.5.0.7.

Is it only when I update the Portable application that I need to make a copy of the profile folder?

Just trying to clarify the version of the application components and when/how to update/upgrade which portion. I know that Firefox itself is up to 1.5.0.7 (I received the pop-up notifier), but I see that FFP is still at 1.5.0.6--thus my need to clarify whether we're talking two components that can be two different versions or if they're one and the same.

Thanks for any help in clarifying what is probably a simple question.