Every blogger is discussing about WordPress 3.2 and even the self-hosted WordPress dashboard itself is asking to upgrade. But is it necessary to upgrade to WordPress 3.2 for you by now?
First of all, it is not about to backup your WordPress web file and database but you shall consider if your plugin(s) is compatible with WordPress 3.2.
So, you shall go to your WordPress plugins page,
Log into the WordPress, select the plugins sections and click on the Plugins.
Then open URL as below with another browser tab.
Search the plugin(s) one by one from the URL as above and look for the compatible information.