Move (and Upgrade) my Magento Shop to another sub domain - Expert needed

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Description

Experience Level: Expert
I have a Magento shop which I think runs on 1.4.3.0. http://party-planning-hire.co.uk/

I want to move this shop to http://www.capabilityevents.co.uk/event-hire/ (note this sub domain does not exist yet)

I want.

1. The Magento Installation to be upgraded to 1.6 (which I think is the latest version)
2. Magento to be installed on the sub domain (is this even possible?)
3. To know if my hosting and server is up to running Magento??
4. Copy all the products and set up from http://party-planning-hire.co.uk/ to http://www.capabilityevents.co.uk/event-hire/

Advise me as to weather this is a good idea or not. I am not a coder at all so any real world advice is appreciated.

I've no idea how to price this as I am not sure of the time involved.

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