Yes. here's some notes i placed on my website in regards to using the command line versions of rpm. Probably you want to use the -Uvh command (see below). In the example, just replace the python rpm with the new rpm package rpm.
The full page
www.gizmola.com\tech.html
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rpm -Uvh python-xmlrpc-1.2.1-0.6.x.i386.rpm
[The -U option causes rpm to update the new package, checking for a prior version, and saving or reusing configuration options from the previous version, before deleting any prior versions of the package from the system. The -h causes a progression of "#' marks to be printed, and the -v indicates "version" which causes the package version to be displayed during the operation.]
#rpm -Fvh python-xmlrpc-1.2.1-0.6.x.i386.rpm
[Like -U -F causes an update or "Freshening" of the package, however, if a prior version of the package doesn't exist, rpm will exit without doing any installation. Security patches are often distributed with the recommendation that this mode be used. This way sysadmins can download the security patches and attempt to freshen them without concern about whether or not the patch is really needed.