Upgrade to a newer version of ubuntu?

I read that the Ubuntu 10.04 will no longer receive maintenance from the org. is there a posibility that the (ubuntu 10.04 linux CNC) package can be upgraded to a newer version? If so how?

The fact of Ubuntu's maintenance ending on 10.04, is usually of little concern for a dedicated machine control.
If you remove it from the internet there is very little risk.

That said 12.04 is possible but it is not a live cd situation yet. (still considered experimental)
wiki.linuxcnc.org/cgi-bin/wiki.pl?LinuxCNC_On_Ubuntu_Precise